Government data Tuesday showed that India’s crude oil imports in October were up 11.1% to 17.09 million tons from the same month last year.
According to data published on the Petroleum Planning and Analysis Cell website of the Ministry of Petroleum, crude oil imports have decreased by about 3% since September.
Today, Tuesday, a government statement said India would release 5 million barrels of its strategic reserves in coordination with other buyers, including the United States, China, Japan and South Korea.
This step is part of US President Joe Biden’s coordinated stock release efforts to counter rising inflation in major economies such as the US, China and others.
The government said the release of 5 million barrels would take place in parallel and in consultation with other major global energy consumers, including the United States, China, Japan and Korea, without specifying a time frame for release.
India, the third largest oil importer and consumer in the world, has raised concerns about high oil prices and wants OPEC + to accelerate production increases.
And the government statement went on: “India has repeatedly expressed its concern that oil producing countries are artificially regulating oil supply below demand levels, which leads to higher prices. and associated negative consequences “.
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