US encourages India to participate in its petroleum reserve after Russia’s offer
Live MintThe United States has been in touch with several countries including India on the release of strategic reserves. US President Joe Biden announced the release of one million barrels of oil per day from the nation's strategic petroleum reserves for the next six months in order to keep the lid on oil prices which have been spiralling in the aftermath of the Russian invasion of Ukraine. On the other hand, Russia on Thursday offered India steep discounts on the direct purchase of oil--15 million barrels in the first deal. India, the No.2 oil importer in Asia, is among a handful of nations that have been doubling down on Russian crude, defying international pressure and the US and Europe's sanctions. He also pointed out India - the world's third-largest oil importer - continues to rely on supplies from the Middle East and that Russian sources were less than 1%.