India to Release 5 Million Barrels of Oil from Strategic Reserves

India willl release 5 million barrels of oil from its strategic reserves in coordination with other buyers including the United States, China, Japan and South Korea, a government statement said on Tuesday.

The move is part of efforts led by U.S. President Joe Biden’s for a coordinated release of stockpiles, seen as a warning to the OPEC+ to pump more oil to tackle rising inflation in major economies like the United States, China and others.