Will the move to exert pressure on the powerful OPEC+ oil producers, that turned down suggestions to enhance output, pay off or prove counter-productive? The story so far: India on November 23 announced that it will release 5 million barrels of crude oil from strategic petroleum reserves (SPR) or the stockpiles. Quoting an unnamed top Government official, PTI said it would be the first time that India will be releasing crude oil stocks to cool international oil prices. About 5 million barrels will be released, starting as early as 7-10 days, according to the official. Interestingly, global crude oil prices that were behind the Government’s decision to cut the levy started tapering on the back of fresh COVID-19-triggered worries in Europe.

Source: The Hindu November 25, 2021 22:49 UTC