India may announce the sale of some of its strategic oil reserves to contain the rise in world prices on Tuesday, November 23rd. Bloomberg writes about this with reference to sources in the Indian Ministry of Energy.
According to the agency, we are talking about the release of 5 million barrels of oil from the 39 millionth national reserve. Earlier it was reported that Joe Biden could make a similar announcement on the entry of more than 35 million barrels of oil on the market on Tuesday.
The President of the United States has called on several of the world’s largest oil importers, including China, India, Japan and South Korea, to sell some of their reserves of this energy carrier. All four Asian countries said they are considering such a move. This came after leading producers from OPEC + rejected Biden’s initiative to increase production above the previously agreed 400,000 barrels per day per month to combat record high gasoline prices in the United States.
White House spokesman Jen Psaki said earlier that the Biden administration will urge OPEC to increase production regardless of whether it uses a strategic oil reserve. She refused to comment on publications in the media about the president’s plans to “open” part of the stock.
Indian Petroleum and Natural Gas Minister Hardeep Singh Puri last week expressed doubts about the effectiveness of “printing” oil reserves to stimulate lower prices for hydrocarbons. According to him, the strategic reserves “were never intended for such a situation,” but are designed for exceptional scenarios: natural disasters, deterioration of the international political situation or the cessation of oil supplies.
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