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India monitoring energy market, will release crude from strategic reserves if needed

A government official told Moneycontrol that the situation is being monitored to assess when and how much crude oil should be released

February 26, 2022 / 04:57 PM IST
Representative image

Representative image

India is closely monitoring the global energy market and will release some amount of crude from its strategic petroleum reserves (SPR) if needed to boost supply and ensure price stability, the government said on February 26.

Global crude oil prices rose to $105 a barrel, the highest in almost seven years, after Russia invaded Ukraine on February 24 over supply concerns. Crude did come off the highs but industry watchers expect the upward trend to continue on concerns over likely disruption in supply and in the situation in Ukraine.

“Government of India is closely monitoring global energy markets as well as potential energy supply disruptions as a fall out of the evolving geopolitical situation,” the Centre said in statement.

“With a view to ensuring energy justice for its citizens and for just energy transition towards a net zero future, India stands ready to take appropriate action for ensuring ongoing supplies at stable prices,” it said.