India to release 5 mn barrels of crude oil

New Delhi

This is the first time ever that India, which stores 5.33 million tonnes or about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast, is releasing stocks for such purposes.

Of this, about 5 million barrels will be released, starting as early as 7-10 days, the official, who wished not to be named said.

The stocks will be sold to refineries of Mangalore Refinery and Petrochemicals Ltd (MRPL) and Hindustan Petroleum Corp Ltd (HPCL), which are connected by pipeline to the strategic reserves.

Meanwhile, US President Joe Biden announced the release of 50 million barrels of oil from the country’s Strategic Petroleum Reserve to lower energy costs for Americans, a decision taken in coordination with other major economies, including India, Japan and China.

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