India expressed its approval of the International Energy Agency’s move to release emergency oil reserves due to supply disruptions caused by the Iran conflict. The government is closely monitoring the global energy market situation, especially in the Middle East, as confirmed by an official. India is prepared to take necessary actions to maintain global market stability in line with the IEA’s initiatives.
In response to the ongoing crisis in West Asia, IEA members have agreed to release 400 million barrels of oil from emergency reserves of 32 member countries to tackle market disruptions. These emergency stocks will be gradually introduced to the market based on each country’s needs and will be supplemented by additional measures by certain nations.
The IEA, established in 1974, has coordinated emergency stock releases six times, with the latest decision made after an extraordinary meeting to address supply disruptions caused by the Middle East conflict. The conflict, which began on February 28, has significantly reduced oil flows through the Strait of Hormuz, leading to a sharp decline in crude and refined product exports.
