Oil for Emergencies


Source: iasbaba.com iasbaba.com

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[UPSC Articles] ECONOMY/ GOVERNANCE - GS-3: Indian Economy & its challenges - GS-2: Government policies and interventions for development in various sectors and issues arising out of their design and implementation. Oil for Emergencies Context: India has recently moved to release 5 million barrels of oil from its strategic reserves as part of a coordinated challenge led by the US against the OPEC+ producers’ cartel’s move to curb output. - This is the first time that New Delhi would be dipping into its reserves to leverage it as a geopolitical tool. - The oil will be released “in parallel and...