Crude Oil Reserves

About 93 million barrels of Iranian crude and condensate are currently stored on vessels in the Persian Gulf, off Singapore and near China

Oil settled lower on Friday as members of the International Energy Agency (IEA) agreed to join in the largest-ever US oil reserves release

This coordinated release of crude oil from strategic reserves will be the first of its kind globally

India plans to release 5 million barrels of crude oil from its emergency stockpile in tandem with the US, Japan and other major economies to cool prices, a top government official said on Tuesday

Democrats in the House of Representatives urged President Joe Biden to release crude oil from the US Strategic Petroleum Reserve (SPR)

Oil prices dropped on Tuesday on growing talks that the United States, Japan and India will release crude reserves to tame prices

Brent crude was down 41 cents, or 0.5%, to $79.87 a barrel by 0712 GMT, after earlier dropping to $79.60, the lowest since Oct. 7

Beijing also said earlier this month it would tap its state fuel reserves to tame the soaring diesel and gasoline prices.

Oil prices were steady on Thursday after falling in the previous session on concerns rising inflation in the United States

Oil prices eased on Thursday on China's plan to release state oil reserves to reduce pressure on domestic refiners and a smaller than expected US weekly crude draw

Dollar-denominated oil prices typically fall when the greenback strengthens since the commodity becomes more expensive for buyers paying in other currencies

The project, estimated to cost Rs 100 billion, is likely to be done on a public-private partnership mode