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 Set To Tap Only 5 Million Barrels From Crude Reserves
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