India has firmly declined to participate in the release of strategic oil reserves following an appeal from G7 and other nations, emphasizing a 'India First' policy.
India has rejected a call from the G7 nations and others to release its strategic oil reserves following a request from the International Energy Agency (IEA). The Indian government stated that the crisis leading to rising oil prices was not due to India's actions, thereby shifting the responsibility onto those actually accountable for the situation. This clear messaging aligns with India's current strategy, which prioritizes its national interest amid global pressures.
India possesses an underground strategic reserve of 5.3 million tons, mostly filled to about 80% capacity. Officials reiterated that these reserves would only be utilized in case of supply disruptions, affirming a commitment to the 'India First' policy. By choosing not to release the reserves, India expresses its intent to maintain control over its energy resources and protect its economy from global market fluctuations, which often can lead to detrimental impacts on local consumers.
The rejection of the IEA's request indicates India's cautious approach in foreign energy policies, especially in times of rising global prices. While the IEA's executive director, Fatih Birol, plans discussions with Indian authorities, India's status as a non-member of the IEA may limit any possible agreements or frameworks surrounding energy cooperation. This decision could also reflect India's broader strategy to enhance its energy independence amidst the evolving geopolitical landscape.
