India's Unprecedented Move To Steady Fuel Prices

India has decided to release 5 million barrels of crude oil from its strategic petroleum reserves (SPRs) simultaneously with countries like the US, Japan, China, Britain and Republic of Korea with the aim of bringing down its prices. In an official statement, the petroleum ministry said that the crude oil release will take place in consultation with these countries, which are also major global energy consumers. India holds about 26.5 million barrels of oil in is reserves.