India plans to sell about 5 million barrels of oil from its strategic petroleum stockpiles as part of a coordinated move with the U.S. and other allies to pressure prices, according to a person familiar with the situation.
The release may come within a week, and India and other countries may look at selling more tranches later, the person said, asking not to be identified discussing a private matter. India’s crude will be sold to refiners including those operated by Mangalore Refinery and Petrochemicals Ltd. and Hindustan Petroleum Corp., the person said.
While the volume is the equivalent of less than half of India’s daily crude consumption, the release is symbolic as it shows oil consumers are willing to band together against OPEC’s reign over markets. President Joe Biden is preparing to announce a release of oil in conjunction with India, Japan and South Korea as soon as Tuesday.
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