• 1 day The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 7 days "And this is perhaps the most dangerous kind of government there can be."
  • 1 hour European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 3 days Demonising fossil fuels has caused major grid problem in Australia
  • 2 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 4 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 329 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 6 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Why Chinese Imports Of U.S. LNG Collapsed

Why Chinese Imports Of U.S. LNG Collapsed

Chinese imports of LNG from…

India Set To Tap Only 5 Million Barrels From Crude Reserves

India—the world’s third-largest oil importer—plans to sell off 5 million barrels of crude from its strategic petroleum reserve (SPR) within a week, and could release more oil at a later stage as part of efforts led by the U.S. to bring oil prices down, Bloomberg reported on Tuesday, citing a source with knowledge of India’s plans.

Earlier this week, India was reportedly ready to join the global efforts of major oil consumers led by the United States to reduce prices.

The United States has asked the top Asian consumers India, Japan, China, and South Korea to release crude from their respective strategic stockpiles after the OPEC+ group ignored repeated calls from consumers—most vocal from the U.S.—to increase the monthly production by more than the 400,000 bpd decided in July.

Japan’s government has confirmed in recent days it was considering a release of crude oil from its strategic reserve in a marked departure from its initial reaction to U.S. President Joe Biden’s idea of a concerted release by several countries.

The 5 million barrels of crude that India is said to consider releasing within a week cannot cover even a day of India’s total petroleum consumption, but it is a move aimed at showing OPEC+ that major oil consumers are unhappy with the high crude oil and gasoline prices.

The OPEC+ group, for its part, warned on Monday the consuming nations mulling over SPR releases that it could respond to a coordinated release by potentially reconsidering plans to continue adding more production each month to meet demand.

“There is a growing risk that OPEC+ responds to an SPR release by pausing planned supply increases. A resurgence of Covid-19 in Europe coupled with a potential release may be reason enough for the group to decide against a production hike of 400Mbbls/d when they meet in early December,” ING strategists Warren Patterson and Wenyu Yao said on Tuesday.

“The prospect of retaliation from OPEC+ does leave the potential for further volatility in oil markets,” they added.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News