Both India and China are keen on crisis management and want to dampen the price spikes which they, as large importers, suffer every time global prices rise on OPEC cuts.
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Countries Ready to Battle OPEC
IEA allows India and China to pool oil stocks in cases of emergency...
India plans to partner with China and the International Energy Agency (IEA) to counter output cuts by OPEC and check artificial oil price hikes. The two nations plan to build the IEA-mandated strategic crude oil reserves of 90 days to 'act in consort' with the IEA to deter oil producers from taking unilateral action on supply cuts, sources say.
The IEA said on Thursday that non-members India and China, could share information of their oil stocks. And in the case of an emergency due to supply disruptions, their stocks would be pooled with that of IEA members for a release decision. The IEA offer was accepted at the conclusion of a two-day workshop, jointly organised by the IEA and India's Petroleum Ministry, to discuss oil emergency response policies and measures.
Both India and China are keen on crisis management and want to dampen the price spikes which they, as large importers, suffer every time global prices rise on OPEC cuts.
Both India and China are keen on crisis management and want to dampen the price spikes which they, as large importers, suffer every time global prices rise on OPEC cuts.
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