The move follows a 400 million barrel IEA release earlier this year to stabilize global oil markets amid supply disruptions.
India and South Africa are set to increase their strategic petroleum reserves, aiming to bolster energy security. The decision comes after global oil markets faced volatility due to geopolitical tensions and supply constraints earlier this year.
In March, the International Energy Agency coordinated a record 400 million barrel release from member countries’ reserves, with the U.S. contributing 172 million barrels. This followed a separate 180 million barrel release by the Biden administration during a prior energy crisis.
The expansion of reserves is expected to provide a buffer against future supply shocks, though immediate market reactions remain unclear.