International Energy Agency Executive Director Fatih Birol welcomed India’s backing of the agency’s decision to release oil stocks from strategic reserves to address disruptions in global energy markets.
“Very pleased to read the Government of India’s supportive statement for IEA’s collective action to release emergency oil stocks to address disruptions in global oil markets and that India stands ready to take appropriate measures to support global market stability," Birol said on X (formerly Twitter).
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The Ministry of External Affairs said India, as an Associate Member of the IEA and an active participant in international energy cooperation, welcomes the agency’s decision to release emergency oil stocks amid prevailing supply disruptions. The government said it is closely monitoring the evolving situation in global energy markets, particularly in the Middle East, and stands ready to take appropriate measures to support global market stability in alignment with IEA’s efforts.
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“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 MEA said.
The IEA’s decision to release strategic petroleum reserves represents a coordinated effort to stabilise global energy markets amid supply disruptions and significant price volatility. Such releases are typically deployed during supply shortages to maintain price stability and ensure adequate availability.
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The current disruption stems from Iran’s effective blockade of the Strait of Hormuz following the outbreak of conflict in West Asia on February 28, which has choked off oil flows from Gulf producers including Saudi Arabia and Iraq. With roughly a third of global oil production passing through the strait, the closure has sent prices swinging sharply.
Source: World News in news18.com, World Latest News, World News
