India prepared to release emergency oil reserves to combat skyrocketing prices

India, the world’s third largest oil consumer and importer, on Saturday said it would tap into its national stockpile for oil reserves in an effort to curb rising global energy prices amid Russia’s invasion of Ukraine.

The country already released 3.5 million barrels as part of an agreement with the U.S. to combating rising gas prices. But India is now further “supporting initiatives for releases from strategic petroleum reserves to mitigate market volatility and calm the rise in crude oil prices,” according to a government statement reviewed by Reuters.

India has about 31 million barrels in emergency reserve, according to Bloomberg.

The price per barrel of oil soared past $100 internationally after Russia invaded Ukraine on Thursday.

President Biden on Thursday signaled he was working with other nations to limit energy prices and help consumers at the pump.

“We are actively working with countries around the world to elevate collective release from the strategic petroleum reserves of major energy consuming companies, and the United States will release additional barrels of oil as conditions warrant,” he said in a speech addressing the Russian invasion of Ukraine.

Japan and Australia have also agreed to tap oil reserves, according to Reuters.