New Delhi: India plans to release about five million barrels of crude oil from strategic reserves within seven days, said government sources on Tuesday.
According to sources, the decision has been made by the Indian government 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," sources told ANI.
Further, sources said that some other countries are also likely to come 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," it added.
An announcement will be made soon about the release of crude oil from reserves to cool off prices in international markets and this will force the Organization of the Petroleum Exporting Countries (OPEC) to think about increasing the production of crude oil in international markets, it said.
OPEC plus countries are not boosting their production levels despite complaints and requests from oil consumers like the US, India and Japan. Oil prices have recently hit their highest levels since 2014, and crude-importing countries like India are facing problems.