India Refuses to Contribute to Global Oil Crisis, Prioritizes 'India First' Policy

The US and Israel's actions against Iran have created a highly tense situation in the Gulf. Iran's blockade of the Strait of Hormuz, which is vital for shipping and trade worldwide, has raised the prospect of a global oil crisis. India, which imports about 90 percent of its oil needs, has taken a major decision on its mineral reserves. India has no current plans to open its oil reserves in coordination with the International Energy Agency. India is unlikely to contribute to the G7 initiative because its policy is India First. Government sources say - First - India has no plan to release oil reserves in coordination with the International Energy Agency (IEA). India is strategically trying to lower its petroleum reserves internationally.