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India To Release 5 Mn Barrels Of Crude Oil From Strategic Reserves To Cool Prices

Summary

This is the first time that India will release crude oil from its safe and strategic oil reserves in the market. Since the Organization of the Oil Producing Countries OPEC is not ready to reduce the prices by increasing production, it has taken this method.

petrol-diesel crude oil
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The central government will release 5 million barrels of crude oil from its strategic reserves with the intention of controlling and reducing oil prices in the country. In order to bring down the prices of crude oil in the international market, many big economy countries including America, China and Japan are taking similar steps.

This is the first time that India will release crude oil from its safe and strategic oil reserves in the market. Since the Organization of the Oil Producing Countries ‘OPEC’ is not ready to reduce the prices by increasing production, the countries of the world’s largest economy including India have taken this method.

There are underground reserves of crude oil on the east and west coast of India. Of these, 53.30 lakh tonnes or about 380 lakh barrels of crude oil have been kept safe from emergency and strategic point of view. The government said on Tuesday that about 5 million barrels of crude oil would be released to refineries to sell in the market.

America will issue 500 million barrels
Similarly, America will also release 5 million barrels of crude oil from its strategic petroleum reserves. This will be equal to his daily oil consumption. 480 million barrels of oil are consumed daily in the US.

Oil producing countries are artificially raising prices
The statement issued by the central government said that India firmly believes that the prices of liquid hydrocarbons should be fair, accountable and determined by market forces. India has always been concerned that prices are being artificially fixed by oil producing countries. It has nothing to do with demand. Due to this, the price of oil is continuously increasing. This is having a serious impact on other countries.

Mangalore Refinery and Hindustan Petroleum will get
Although the central government did not specify when 5 million barrels of crude oil would be released from the reserve reserves, an official familiar with the development said it would be released in the next seven to 10 days. This oil will be released to Mangalore Refinery (MRPL), Hindustan Petroleum Corporation (HPCL). Both these refineries are connected by pipeline of strategic reserves.

America had appealed
The US last week made an unusual appeal to some of the world’s biggest oil-consuming countries, including India, China and Japan, to release oil from their crude reserves to help lower prices in the world market. coordinated efforts can be made. The price of crude oil in the international market is currently at $78 per barrel.

Expansion

The central government will release 5 million barrels of crude oil from its strategic reserves with the intention of controlling and reducing oil prices in the country. In order to bring down the prices of crude oil in the international market, many big economy countries including America, China and Japan are taking similar steps.

This is the first time that India will release crude oil from its safe and strategic oil reserves in the market. Since the Organization of the Oil Producing Countries ‘OPEC’ is not ready to reduce the prices by increasing production, the countries of the world’s largest economy including India have taken this method.

There are underground reserves of crude oil on the east and west coast of India. Of these, 53.30 lakh tonnes or about 380 lakh barrels of crude oil have been kept safe from emergency and strategic point of view. The government said on Tuesday that about 5 million barrels of crude oil would be released to refineries to sell in the market.

America will issue 500 million barrels

Similarly, America will also release 5 million barrels of crude oil from its strategic petroleum reserves. This will be equal to his daily oil consumption. 480 million barrels of oil are consumed daily in the US.

Oil producing countries are artificially raising prices

The statement issued by the central government said that India firmly believes that the prices of liquid hydrocarbons should be fair, accountable and determined by market forces. India has always been concerned that prices are being artificially fixed by oil producing countries. It has nothing to do with demand. Due to this, the price of oil is continuously increasing. This is having a serious impact on other countries.

Mangalore Refinery and Hindustan Petroleum will get

Although the central government did not specify when 5 million barrels of crude oil would be released from the reserve reserves, an official familiar with the development said it would be released in the next seven to 10 days. This oil will be released to Mangalore Refinery (MRPL), Hindustan Petroleum Corporation (HPCL). Both these refineries are connected by pipeline of strategic reserves.

America had appealed

The US last week made an unusual appeal to some of the world’s biggest oil-consuming countries, including India, China and Japan, to release oil from their crude reserves to help lower prices in the world market. coordinated efforts can be made. The price of crude oil in the international market is currently at $78 per barrel.

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