India on Thursday welcomed the decision of the International Energy Agency (IEA) to release emergency oil stocks to stabilise global markets amid supply disruptions linked to the ongoing conflict in West Asia.
In a statement, the Ministry of Petroleum and Natural Gas said India, an Associate Member of the IEA, remains an active participant in international energy cooperation and is closely monitoring developments in global energy markets.
The Ministry noted that the evolving situation in the Middle East, including disruptions around the Strait of Hormuz, has raised concerns over supply stability and price volatility in international oil markets.
The IEA and its member countries have agreed to release around 400 million barrels of crude oil from emergency reserves, one of the largest coordinated stock releases aimed at easing supply pressures and stabilising prices in the global market.
India, the statement said, stands ready to take appropriate measures in alignment with the IEA’s efforts to support global market stability and ensure energy security.
