MOSCOW, March 12 (Bernama-Sputnik/RIA Novosti) -- India, as an associate member of the International Energy Agency (IEA), welcomes the IEA's decision to release emergency oil reserves amid ongoing supply disruptions, the Indian Ministry of Petroleum and Natural Gas said.
"India, as an Associate Member of the International Energy Agency (IEA) and an active participant in international energy cooperation, welcomes the IEA’s decision to release emergency oil stocks amid the prevailing supply disruptions," the ministry said in a statement on Wednesday, reported Sputnik/RIA Novosti.
India is closely monitoring developments in global energy markets, particularly in the Middle East, the statement read, adding that India stands ready to take appropriate measures, if necessary, to maintain global market stability.
On Wednesday, IEA members agreed to release 400 million barrels of oil from their emergency reserves due to supply disruptions related to the situation in the Middle East.
On Monday, prices for Brent crude oil rose above US$119 per barrel for the first time since June 2022, marking a 29-31 per cent increase. However, by the evening they began to decline, and as of Tuesday afternoon they were trading below US$90 per barrel, partly following statements by Group of Seven countries about possible releases of oil from reserves.
--BERNAMA-SPUTNIK/RIA NOVOSTI
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