India says oil producers artificially adjusting oil supply leading to price rise

This is the first time ever that India, which stores 5.33 million tonnes or about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast, is releasing stocks for such purposes. While the US will release 50 million barrels of oil from its strategic petroleum reserves, the stocks to be released by India are almost equal to its daily oil consumption of 4.8 million barrels.

from Energy-Industry-Economic Times https://ift.tt/3s1wPBe