{"id":149170,"date":"2021-11-26T20:21:24","date_gmt":"2021-11-26T14:51:24","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=149170"},"modified":"2021-11-27T13:22:47","modified_gmt":"2021-11-27T07:52:47","slug":"explained-why-are-india-other-countries-releasing-oil-from-strategic-reserves","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/explained-why-are-india-other-countries-releasing-oil-from-strategic-reserves\/","title":{"rendered":"Explained: Why are India, other countries releasing oil from strategic reserves?"},"content":{"rendered":"\n
What is the news?<\/strong><\/h5>\n

India is going to release 5 million barrels of oil from its strategic reserves as part of a coordinated challenge led by the US against the OPEC+ producers\u2019 cartel\u2019s move to curb output.<\/p>\n

This would be the first instance of India using strategic reserves to influence international prices.<\/p>\n\n\n\n
Must Read<\/strong>: India to release 5mn barrels of crude from reserves in bid to cool prices<\/span><\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
Why are these countries releasing oil from strategic reserves?<\/strong><\/h5>\n

It is part of a concerted effort to counter upward price of crude oil from OPEC+, led by Russia, to decide production quotas \u2014 keeping supply below demand.<\/p>\n

How will this step affect crude oil prices?<\/strong><\/h5>\n

Coordinated release of reserves by large oil consuming countries would bring down the crude prices.<\/p>\n

Saudi and Russia are the largest oil producers in the OPEC+ group. They indicated plans to gradually increase production in the light of releases from strategic reserves.<\/p>\n\n\n\n
Must Read<\/strong>: What strategic oil release means for Indian consumers<\/a><\/strong><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
How have high crude oil prices impacted India?<\/strong><\/h5>\n

Consumers paid record high prices<\/strong> for petrol and diesel across the country. Prices are significantly higher than those prior to 2021.<\/p>\n

What are India\u2019s strategic petroleum reserves, and why are they needed?<\/strong><\/h5>\n

India\u2019s strategic reserves aims to build an emergency stockpile of crude oil. These are created on the lines of the reserves that the US and its Western allies set up after the first oil crisis of 1973-74.<\/p>\n

-These facilities can provide for about 9.5 days of India\u2019s crude oil requirements based on 2019-20 consumption levels.<\/p>\n

– Read more here<\/a><\/strong><\/span><\/p>\n

Need – <\/strong>India imports about 85% of its crude oil requirements. The International Energy Agency (IEA) recommends that all countries hold crude oil stocks worth 90 days of imports.<\/p>\n

Source:<\/strong> This post is based on the article \u201cExplained: Why are India, other countries releasing oil from strategic reserves?<\/strong>\u201d published in Indian Express<\/strong> on 26th November 2021<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

What is the news? India is going to release 5 million barrels of oil from its strategic reserves as part of a coordinated challenge led by the US against the OPEC+ producers\u2019 cartel\u2019s move to curb output. This would be the first instance of India using strategic reserves to influence international prices. Must Read: India… Continue reading Explained: Why are India, other countries releasing oil from strategic reserves?<\/span><\/a><\/p>\n","protected":false},"author":10335,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,9],"tags":[],"class_list":["post-149170","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-public","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704834872},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/149170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10335"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=149170"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/149170\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=149170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=149170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=149170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}