India's 'India First' stance: Strategic oil reserves will not be released, energy security top priority

News Topical, Digital Desk : Amid turmoil in the global oil market due to the ongoing war in West Asia, India has distanced itself from international efforts and refused to release its strategic oil reserves. According to government sources, India will not join the International Energy Agency (IEA) proposal to release emergency oil reserves to prevent rising oil and gas prices.

Sources said the government's policy is "India First" and the current crisis was not caused by India, so reserves will only be used in the event of a supply disruption. India has strategic reserves with a capacity of 5.33 million tonnes, which are currently about 80 percent full.

Meanwhile, finance ministers of the G7 countries discussed on Monday the release of reserves to stabilize the market, but no final consensus could be reached.

Adequate reserves of petrol, diesel and aviation fuel in the country

Government sources clarified that the country has adequate reserves of petrol, diesel, and aviation turbine fuel (ATF) and there are no plans to restrict exports. If crude oil prices do not rise above $130 per barrel, there is little chance of a rise in domestic fuel prices. To ensure energy security, India has begun purchasing additional shipments of Russian oil and arranging for additional LPG supplies from the United States and Canada.

Situation in West Asia is worrying: Jaishankar

External Affairs Minister S Jaishankar said in Parliament that the situation in West Asia is worrying, but India is giving top priority to energy security and the safety of Indians living in the region. Putin said, if Europe wants, Russia is ready to cooperate. Russian President Vladimir Putin said on Monday that due to the Iran war, an energy crisis has started in the world and the situation may become more serious.

He warned that if the situation worsens, oil supplies passing through the Strait of Hormuz could be completely disrupted, significantly impacting global production. He urged Russian companies to take advantage of the current situation. At a meeting, Putin said Russia is ready to resume oil and gas supplies to Europe. Moscow is open to European companies seeking long-term and stable cooperation, free from political pressure.

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