On Tuesday, the Government of India informed that they have plans to release about five million barrels of crude oil from strategic reserves within seven days.
As per reports, the decision has already been made and the announcement is expected soon.
"The decision to release five million barrels of crude oil is a collaborated effort of some countries led by the United States to cool off prices of crude oil in international markets" ANI reported.
As per the agency, other countries are also expected to come up with such measures to cool off crude oil prices in the international market.
"Japan and South Korea are the countries other than US and India which are likely to announce to release crude oil from these reserves" sources further told ANI.
This move might force the Organization of the Petroleum Exporting Countries (OPEC) to think about increasing the production of crude oil in international market.
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