The Ministry of Petroleum and Natural Gas has welcomed the unprecedented decision of the International Energy Agency (IEA) to release 400 million barrels of emergency oil stocks to address the severe supply disruptions caused by the ongoing conflict in the Middle East.
In an official statement issued today, the ministry emphasized India’s role as an Associate Member of the IEA and its active participation in global energy cooperation.
“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 ongoing supply disruptions,” the statement said.
The release, decided unanimously by the IEA’s 32 member states on March 11, 2026, is the largest such action in the agency’s history. It aims to stabilize the global oil market amid major challenges, including the near-total halt to shipping through the Strait of Hormuz due to the escalating US-Israel war with Iran. It is an essential chokepoint for about one-fifth of global oil supply. Due to this, big producers in the Gulf have cut production, volumes have been stuck and crude oil prices have increased rapidly.
The Ministry stressed that the Government of India is closely monitoring the rapidly changing situation in the global energy market, especially paying attention to the developments in the Middle East. “The Government of India is closely monitoring the evolving situation in the global energy market, particularly in the Middle East,” the statement said.
‘India ready to take the right steps’
Reiterating India’s commitment to international stability, the ministry said, “India stands ready to take appropriate action, if needed, to support global market stability in line with the efforts of the International Energy Agency.”
Although India, as an associate member, is not obliged to contribute to the IEA’s Coordinated Stock Release (which is limited to full members only), the statement reflects New Delhi’s supportive stance towards multilateral action to mitigate supply shocks and price fluctuations that could impact energy importing countries like India.