India ready to support oil markets as IEA agrees record release

"India stands ready to take appropriate measures, as necessary, to support global market stability in alignment with the efforts of the International Energy Agency," the Indian government said in a statement.

India did not give details ⁠on how it would support the IEA.

A government source had told Reuters on Monday that India had no plans to join the IEA initiative ahead of a G7 meeting to discuss the possible release of strategic oil reserves.

"Very pleased to read the Government of India's supportive statement for IEA's collective action to release emergency oil stocks to address disruptions in global oil markets," IEA Executive Director Fatih Birol said in a post on X.

Crude prices have risen 25% due to supply shocks since the ‌U.S.-Israeli ⁠war with Iran began.

The IEA's release is aimed at preventing a further rise in oil prices and is more than double the 182 million barrels released in 2022 following Russia's military campaign in Ukraine.

India, an associate IEA member, has seen its crude oil, LPG, and liquefied ⁠natural gas (LNG) supplies have disrupted due to global shipping constraints arising from war in the Middle East.

India imports about 40% of its oil from the Middle East through the Strait of ⁠Hormuz. It is also the world's second-largest importer of liquefied petroleum gas (LPG).

The South Asian country on Wednesday asked consumers not to panic about gas supplies and to conserve ⁠energy as India struggles to meet domestic demand.

The government has also invoked emergency powers ordering refiners to maximise LPG production and cut sales to industry.