Monitoring the potential energy supply disruptions amid global tensions

Government is closely monitoring the fallout and the following impacts of the critical changes in the geopolitical situations.

Government of India is closely monitoring global energy markets as well as potential energy supply disruptions as a fall-out of the evolving geopolitical situation. In November 2021, in a bid to control inflationary pressures, Government of India, in consultation and parallelly with major energy consumers, had agreed to release 5 million barrels from its Strategic Petroleum Reserves.

Rameswar Teli, Minister of State for Petroleum and Natural Gas, was discussing the geopolitical situation between Russia and Ukraine, and mentioned how the global tension is resulting into steep increase in global crude oil and gas prices.

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