IEA releases extra oil to calm prices: India backs decision

India has welcomed the decision by the International Energy Agency (IEA) to release 120 million barrels of crude oil from its strategic reserves, in addition to the release of 180 million barrels of crude oil from the strategic reserves of the US.

The move is aimed at calming crude oil prices that hit a 14 year-high of $139 per barrel in March. “Government of India welcomes the announcement by the IEA for a collective oil stock release of 120 million barrels,” the Petroleum Ministry said.

India had in November announced that it would release 5 million barrels from the strategic reserve as part of a coordinated effort with other crude oil importing countries to stabilise the price of crude oil. The move cooled the price of Brent to about $100.2 per barrel (as of 1:49 pm ET).

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