India has welcomed the announcement by the International Energy Agency (IEA) for collective oil stock release of 120 million barrels and said that it is working on ways to support actions to reduced global fuel prices.

The IEA Governing Board on Thursday (7 April) confirmed that its member countries will release 120 million barrels of crude over the next six months to help cool elevated global fuel prices.

"The commitments submitted by members reached 120 million barrels to be released over a six month period, demonstrating strong unity. The United States will contribute about 60 million barrels, which are part of the larger drawdown from its Strategic Petroleum Reserve (SPR) that was announced on 31 March," the IEA said in a statement.

"Government of India welcomes the announcement by the International Energy Agency for collective oil stock release of 120 million barrels," the Petroleum Ministry said in a release on Thursday (7 April).

The ministry added that it has also taken note of the US Government's decision, late last month, to release 180 million barrels from its Strategic Petroleum Reserves, over the next 6 months, to calm rising global fuel prices.

"In the interest of collaborating with like minded countries on these positive initiatives, Government of India is examining what it can do to support these actions," the ministry said.

As a major consumer of energy, India has consistently espoused the importance of stable, affordable and accessible global energy markets, it added.

The ministry said that it is hopeful that these initiatives will bring equanimity to global energy markets.