Micah Jonah, March 9, 2026
India has no plans to join an initiative led by the International Energy Agency (IEA) to release strategic oil reserves, despite rising global oil prices triggered by the ongoing conflict involving Iran.
A government source said on Monday that India’s fuel stocks remain at comfortable levels and the country is not considering restrictions on fuel exports.
The IEA initiative is expected to be discussed by finance ministers of the Group of Seven (G7) nations as they explore options to stabilize global oil markets.
Oil prices surged above $119 per barrel on Monday, the highest level since mid-2022, amid supply concerns linked to the conflict involving Iran and fears of shipping disruptions in the Middle East.
India, which is an associate member of the IEA, previously joined a coordinated release of strategic petroleum reserves in 2021 led by the United States, releasing about 5 million barrels of oil.
According to government officials, India currently holds about 4 million tonnes of oil in its strategic petroleum reserves, which have a total storage capacity of 5.33 million tonnes across three locations.
Part of the storage capacity is leased to Abu Dhabi National Oil Company (ADNOC). However, officials said India has not exercised its option to purchase the oil stored there.
Meanwhile, Indian refiners have bought several shipments of Russian oil that had been stranded at sea after Washington granted New Delhi a 30-day waiver from sanctions allowing purchases of Russian cargoes loaded before March 5.
Officials also said the country is seeking additional supplies of liquefied petroleum gas from the United States and Canada to address shortages affecting industries such as fertilizer production.
India recently raised cooking gas prices for the first time in a year and has instructed refiners to increase production of LPG to help meet domestic demand.
