India Supports the Release of Oil from Reserves: Rameswar Teli
On Thursday, Minister of State for Petroleum and Natural Gas Rameswar Teli in Parliament informed that India supports the release of Oil from Reserves amid the skyrocketing fuel prices. The fuel prices have been increased nine times in the last ten days. Recently, the USA announced to release of 180 million barrels of oil from its strategic petroleum reserve (SPR) after which the fuel prices declined significantly. Crude Oil also fell by 4 percent to USD 108.85 per barrel after the news. In a written reply to a question in Lok Sabha, Mr. Telgi said: "Government of India (GoI) is closely monitoring global energy markets situation in the backdrop of evolving geopolitical events. The government of India is ready to take all appropriate action, as deemed fit, including supporting initiatives for releases from SPR, for mitigating market volatility and calming the rise in crude oil prices." Teli further informed that the country maintains SPR of 5.33 million tonnes, or equivalent to about 9.5 days of crude oil requirement. Other than this oil marketing companies (OMCs) currently have a capacity of 64.5 days.