India is ready to support the oil markets after IEA releases record-breaking release

India announced 'on Wednesday that it is ready to support the global oil'markets, in line with the International Energy Agency releasing a record 400,000,000 barrels - of oil in an effort to tame the prices which have risen following the U.S./Israeli war against Iran.

The Indian government issued a statement saying that "India is ready to take the appropriate measures as needed to support the stability of the global energy market in line with the efforts made by the International Energy Agency."

India has not provided any details about how it will support the IEA.

An official source said on Monday that India has no plans to join IEA's initiative before a G7 summit to discuss possible releases of strategic oil reserves.

In a recent post on X, Fatih Bibil said: "I am very pleased to read that the IEA has endorsed India's support for releasing emergency?oil stock to deal with disruptions in global oil markets."

Since the U.S./Israeli war against Iran, crude prices have increased by 25% as a result of supply shocks.

The IEA released the oil to prevent a further increase in oil prices. It is more than?double what was released in 2022 after Russia invaded Ukraine.

India, a member of the IEA, has experienced a disruption in its?crude oils, LPG and liquefied gas (LNG), due to global'shipping restrictions' arising from the Middle East war.

India imports 40% of its oil through the Strait of Hormuz. India is the second largest?importer in the world of liquefied gas (LPG).

India, a country in South Asia, asked Wednesday that consumers do not panic over 'gas supplies' and conserve energy as the country struggles to meet its domestic demand.

The government has also used emergency powers to order refiners that they increase LPG production while cutting sales to the industry. (Reporting from Rishabh J. Jaiswal, Bengaluru; Kanjyik. Ghosh, Barcelona; editing by Alexander Smith.)

(source: Reuters)