'IEA's record oil release to ease pressure'

Indian refinery executives anticipate a relief in supply pressures following the International Energy Agency's (IEA) announcement of a historic release of 400 million barrels of oil by its member countries. This strategic move aims to stabilize the market, with the timing of the release being crucial for countries like India to secure necessary oil supplies. Despite the IEA's efforts, global oil prices surged past $100 per barrel, indicating ongoing volatility in the market. India's first crude shipment since the onset of the Iran conflict arrived at Mumbai port, highlighting the nation's continued reliance on oil imports from the Gulf region. Meanwhile, India's Oil Minister Hardeep Puri noted a significant increase in crude imports from non-Hormuz routes, which now account for approximately 70% of total imports, up from 55% before the conflict began. In addition to diversifying supply routes, the government is urging consumers of liquefied petroleum gas (LPG) to explore alternatives like kerosene and biomass, reflecting a proactive approach to mitigate the impact of fluctuating oil prices on the economy.