India ready to support oil markets as IEA agrees record release

India said on Wednesday it was ready to support global oil markets in line with the International Energy Agency's release of a record 400 million barrels of oil to try to rein in prices that have soared following the U.S.-Israeli war with Iran.



"India stands ready to take appropriate measures, as necessary, to support global market stability in alignment with the efforts of the International Energy Agency," the Indian government said in a statement.



India did not give details on how it would support the IEA.



A government source had told Reuters on Monday that India had no plans to join the IEA initiative ahead of a G7 meeting to discuss the possible release of strategic oil reserves.