AGL 40.01 Increased By ▲ 0.01 (0.03%)
AIRLINK 131.00 Increased By ▲ 1.47 (1.13%)
BOP 6.90 Increased By ▲ 0.22 (3.29%)
CNERGY 4.55 Decreased By ▼ -0.08 (-1.73%)
DCL 8.85 Decreased By ▼ -0.09 (-1.01%)
DFML 42.50 Increased By ▲ 0.81 (1.94%)
DGKC 84.59 Increased By ▲ 0.82 (0.98%)
FCCL 32.86 Increased By ▲ 0.09 (0.27%)
FFBL 77.57 Increased By ▲ 2.10 (2.78%)
FFL 12.05 Increased By ▲ 0.58 (5.06%)
HUBC 110.20 Decreased By ▼ -0.35 (-0.32%)
HUMNL 14.42 Decreased By ▼ -0.14 (-0.96%)
KEL 5.54 Increased By ▲ 0.15 (2.78%)
KOSM 8.38 Decreased By ▼ -0.02 (-0.24%)
MLCF 39.35 Decreased By ▼ -0.44 (-1.11%)
NBP 63.65 Increased By ▲ 3.36 (5.57%)
OGDC 199.02 Decreased By ▼ -0.64 (-0.32%)
PAEL 26.40 Decreased By ▼ -0.25 (-0.94%)
PIBTL 7.68 Increased By ▲ 0.02 (0.26%)
PPL 159.51 Increased By ▲ 1.59 (1.01%)
PRL 26.43 Decreased By ▼ -0.30 (-1.12%)
PTC 18.55 Increased By ▲ 0.09 (0.49%)
SEARL 82.30 Decreased By ▼ -0.14 (-0.17%)
TELE 8.13 Decreased By ▼ -0.18 (-2.17%)
TOMCL 34.32 Decreased By ▼ -0.19 (-0.55%)
TPLP 9.00 Decreased By ▼ -0.06 (-0.66%)
TREET 16.98 Decreased By ▼ -0.49 (-2.8%)
TRG 59.24 Decreased By ▼ -2.08 (-3.39%)
UNITY 27.56 Increased By ▲ 0.13 (0.47%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,672 Increased By 265.1 (2.55%)
BR30 31,988 Increased By 274.3 (0.87%)
KSE100 98,916 Increased By 1587.8 (1.63%)
KSE30 30,832 Increased By 639.3 (2.12%)

NEW DELHI: India is prepared to release additional crude from its national stocks in support of efforts by other major oil importers to mitigate surging global prices, the government said on Saturday.

India is the world’s third biggest oil importer and consumer, shipping in 85% of its oil needs. The country has already released at least 3.5 million barrels of 5 million agreed in November as part of US-led efforts for a coordinated release of stockpiles by major economies, industry sources said. “India is committed to supporting initiatives for releases from strategic petroleum reserves to mitigate market volatility and calm the rise in crude oil prices,” a government statement said.

The country is closely monitoring global energy markets following Russia’s invasion of Ukraine and “stands ready to take appropriate action for ensuring ongoing supplies at stable prices”, it added.

On Thursday, President Joe Bidden said the United States was working with other countries on a combined release of additional oil from global strategic crude reserves as prices surge following Russia’s invasion of Ukraine.

Japan and Australia have also agreed to tap their oil reserves, together with other member nations of the International Energy Agency (IEA), if global supplies were hit by hostilities in Ukraine.

Comments

Comments are closed.