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'Oil Treasure' for India: 7 Nations Release 100 Million Barrels of Crude Oil.
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News18•02-10-2026, 22:13
'Oil Treasure' for India: 7 Nations Release 100 Million Barrels of Crude Oil.
- •Amidst the fuel crisis from the West Asia war, good news emerges for India and other nations.
- •Seven countries with the largest oil reserves have decided to release 100 million barrels of crude oil into the international market.
- •The G7 meeting, led by Emmanuel Macron, approved the phased release of 100 million barrels of crude oil and diesel, to be executed by the IEA over four months.
- •This influx will ease oil shortages, reduce crude oil prices, and decrease India's import bill, as India imports over 85% of its crude oil.
- •Donald Trump's pressure and threat of a US diesel export ban led the EU to agree to release oil reserves.
Key Questions Answered
The G7 meeting approved the phased release of 100 million barrels of crude oil and diesel into the international market, which will be executed by the International Energy Agency over a four-month period.
Since India imports over 85% of its crude oil, the sudden supply of 100 million barrels will ease oil shortages and lower prices, decreasing India's import bill and stabilizing domestic petrol and diesel prices set by government oil companies.
European nations initially resisted opening their emergency stocks, but US President Donald Trump threatened to completely ban US diesel exports to Europe, softening the EU's stance and leading to the G7 agreement.
