India to release 5 million
barrels of crude oil from strategic reserves
plans to release about 5 million barrels of crude oil from its emergency
stockpile in tandem with the US, Japan and other major economies to cool
prices, a top government official said on Tuesday.
stores about 38 million barrels of crude oil in underground caverns at three
locations on the east and west coast.
this, about 5 million barrels will be released, starting as early as 7-10 days,
the official, who wished not to be named said.
stocks will be sold to Mangalore Refinery and Petrochemicals Ltd (MRPL) and
Hindustan Petroleum Corp Ltd (HPCL) which are connected by pipeline to the
may look at releasing more reserves later," the official said adding a
formal announcement was expected later in the day.