India, US and China Consider Joint Strategic Crude Oil Response
From Live Mint
To protect themselves against disruptions in crude oil supplies, India, Japan, China, South Korea and the US will meet in June in Seoul to work on a joint response mechanism based on their combined strategic crude oil reserves. The five nations together account for 44% of global demand.
Strategic crude oil reserves are a country’s answer to counter short-term supply disruptions. They are state-funded and meant to tackle emergency situations.
The third meeting of the five energy ministers will determine a joint response framework in Seoul.
“We have to work out a joint strategy,” said an official of India’s ministry of petroleum and natural gas, who didn’t want to be identified.