US Authorities Encourages India to Participate in Petroleum Reserve

The United States has been in touch with several countries including India on the release of strategic reserves as President Joe Biden announced to release 1 million barrels of oil per day from the nation's strategic petroleum reserve for the next six months as part his efforts to keep the oil prices under control which have been spiralling in the aftermath of the Russian invasion of Ukraine.

"Our conversations with all countries that have reserves are similar in encouraging them to participate and to contribute, consistent with their available stocks and their circumstances," said Brian Deese, White House Director of the NEC (National Economic Council) said on US Conversations with India on Russian oil.

"We have seen to date a quite extraordinary willingness to participate -- including IEA and non-IEA members -- to participate in those coordinated releases, including the Indian government to date. So, the work of diplomacy and engagement with our allies and partners is aimed to make sure that that continues," he said.

While responding to the question regarding the role of India, China and the US as the top three consumers of oil, in oil reserves, Deese answered that these countries are not the largest consumers but the largest reserves.

"So, in terms -- what -- when we're talking about collective releases, the issue is actually where are the countries- -- who are the countries that actually have the largest reserves -- not the largest consumers, but the largest reserves. So those are the IEA," he added.

The US, EU and other nations barred imports of Russian oil and gas over the country's ongoing invasion of Ukraine.

"Today, I'm authorizing the release of 1 million barrels per day for the next six months -over 180 million barrels -for the Strategic -from the -from the Strategic Petroleum Reserve," Biden announced.

"This is a wartime bridge to increase oil supply until production ramps up later this year. And it is by far the largest release from our national reserve in our history," he added