IEA releases additional oil to calm costs: India backs choice

India has welcomed the choice by the International Energy Agency (IEA) to launch 120 million barrels of crude oil from its strategic reserves, along with the discharge of 180 million barrels of crude oil from the strategic reserves of the US.

The transfer is geared toward calming crude oil costs 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 mentioned.

India had in November introduced that it will launch 5 million barrels from the strategic reserve as a part of a coordinated effort with different crude oil importing nations to stabilise the value of crude oil. The transfer cooled the value of Brent to about $100.2 per barrel (as of 1:49 pm ET).