India says no to IEA's call to release strategic oil reserves

New Delhi: India will not join the International Energy Agency (IEA) initiative to release strategic oil reserves as part of an effort to cool oil prices, top government sources said.

India, the world's third-largest oil-importing and consuming nation, has 5.33 million tonnes of underground strategic reserves. But they are only 80 per cent filled currently.

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G7 nations are due to ​discuss the possible release of oil reserves to calm markets that have seen crude prices jump to close to USD 120 per barrel, the highest in four years, on the widening West Asia conflict.

"The crisis (that led to a rise in prices) is not our creation. Those responsible have to deal with it and create situations to ease (prices)," the source said, ruling out releasing Indian reserves.

The reserves that India holds are to be used in situations of disruption in supplies.

"Ours is a India first policy," the source said.

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India is not a full member of IEA and does not have an obligation to follow dictats of the international body. India is an associate member of IEA.

IEA executive director Fatih Birol is due to speak to Indian authorities on the issue.

In 2021, New Delhi joined efforts led by the US and released 5 million barrels of oil from its strategic petroleum reserves (SPRs).

Sources said ​India has no plans to restrict its fuel exports as it has 'reasonably' comfortable stocks of petrol, diesel and ATF.