India Backs IEA's Record Emergency Oil Release Amid Global Supply Crisis

The Government of India say it is closely monitoring the evolving situation in global energy markets, particularly in the Middle East.

India stands ready to take appropriate measures, as necessary, to support global market stability in alignment with the efforts of the International Energy Agency, the release stated.

The International Energy Agency (IEA) on Wednesday announced the largest-ever release of emergency oil stocks in its history, making 400 million barrels of oil available to global markets to mitigate disruptions caused in the global energy supply by the ongoing West Asia conflict.

In a video statement, IEA Executive Director Fatih Birol highlighted that the conflict has severely impacted global oil and gas markets, particularly through the Strait of Hormuz, and the decision was taken "to offset the supply lost through the effective closure of the Strait."

He emphasised that the resumption of oil and gas transit through the Strait of Hormuz remains critical for long-term stability.

"IEA countries will be making 400 million barrels of oil available. I repeat, 400 million barrels of oil available to the market to offset the supply lost through the effective closure of the Strait. This is a major action aiming to alleviate the immediate impacts of the disruption in markets. But, to be clear, the most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz," Birol said.

He noted that the decision was taken unanimously by IEA countries and is the largest ever release of emergency oil stocks in the agency's history.

The decision came amid the global energy supply disruption due to the operational blockage of the Strait of Hormuz amid the conflict in the region and following continuous dialogue with ministers from IEA member countries, key producers including Saudi Arabia and Brazil and major importers such as India and Singapore.

- ANI