West Asia conflict: IEA lauds move as India welcomes decision to release emergency oil stocks amid supply disruptions

Hours after the International Energy Agency (IEA) on Wednesday announced that it will be releasing 400 million barrels of oil from emergency stockpiles, India welcomed the decision.

In a press release, the Press Information Bureau (PIB) said, "India, as an Associate Member of the International Energy Agency (IEA) and an active participant in international energy cooperation, welcomes the IEA’s decision to release emergency oil stocks amid the prevailing supply disruptions." It added that the Indian government is closely monitoring the situation in global energy markets, particularly in the Middle East.

The statement further said that New Delhi stands ready to take "appropriate measures", as necessary, to support global market stability, keeping in line with the efforts of the IEA.