India welcomes IEA announcement for collective oil stock release of 120 mln barrels

India on Thursday welcomed the announcement by the International Energy Agency for a collective oil stock release of 120 million barrels.

India on Thursday welcomed the announcement by the International Energy Agency for a collective oil stock release of 120 million barrels. As per an official statement by the Ministry of Petroleum and Natural Gas, India has also taken note of the US Government's decision last month to release 180 million barrels from its Strategic Petroleum Reserves, over the next six months, to calm rising global fuel prices.

"In the interest of collaborating with like-minded countries on these positive initiatives, the Government of India is examining what it can do to support these actions," read the statement. India, being a major consumer of energy, has consistently espoused the importance of stable, affordable and accessible global energy markets. Thus, India expressed hope that these initiatives will bring equanimity to global energy markets. (ANI)