AGL 38.52 Increased By ▲ 0.95 (2.53%)
AIRLINK 131.02 Decreased By ▼ -1.48 (-1.12%)
BOP 5.59 Decreased By ▼ -0.05 (-0.89%)
CNERGY 3.85 Increased By ▲ 0.08 (2.12%)
DCL 8.80 Decreased By ▼ -0.07 (-0.79%)
DFML 41.38 Increased By ▲ 0.38 (0.93%)
DGKC 87.99 Decreased By ▼ -2.17 (-2.41%)
FCCL 35.30 Increased By ▲ 0.22 (0.63%)
FFBL 66.50 No Change ▼ 0.00 (0%)
FFL 10.63 Increased By ▲ 0.48 (4.73%)
HUBC 109.40 Increased By ▲ 3.00 (2.82%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.72 Decreased By ▼ -0.14 (-2.88%)
KOSM 7.04 Increased By ▲ 0.19 (2.77%)
MLCF 42.35 Increased By ▲ 0.55 (1.32%)
NBP 59.69 Increased By ▲ 1.11 (1.89%)
OGDC 183.98 Increased By ▲ 2.73 (1.51%)
PAEL 25.65 Decreased By ▼ -0.05 (-0.19%)
PIBTL 5.90 Increased By ▲ 0.07 (1.2%)
PPL 147.72 Decreased By ▼ -0.68 (-0.46%)
PRL 23.52 Increased By ▲ 0.30 (1.29%)
PTC 16.47 Increased By ▲ 1.23 (8.07%)
SEARL 69.40 Increased By ▲ 0.61 (0.89%)
TELE 7.24 No Change ▼ 0.00 (0%)
TOMCL 36.00 No Change ▼ 0.00 (0%)
TPLP 7.83 Increased By ▲ 0.43 (5.81%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.51 Decreased By ▼ -0.34 (-0.67%)
UNITY 26.80 Increased By ▲ 0.40 (1.52%)
WTL 1.22 Increased By ▲ 0.01 (0.83%)
BR100 9,813 Increased By 45.4 (0.47%)
BR30 29,766 Increased By 366.4 (1.25%)
KSE100 92,247 Increased By 308.5 (0.34%)
KSE30 28,814 Increased By 70.1 (0.24%)

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 U.S.-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.