US, India announce the release of oil from reserves

Oil tanks in Cushing, Oklahoma, US. (Photo: AFP/VNA)

The move was done in coordination with other major energy-consuming nations, including China, India, the UK, Japan, and South Korea, the White House said.

A senior administration official told reporters the releases will start in mid to late December, and that further intervention might be needed to steady the market. This is the first time the US has coordinated such a move with Asia’s largest oil consumers, officials said.

Shortly after the US announcement, India said it will release 5 million barrels from its strategic reserves