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The US will release 15 million barrels of oil from US strategic reserves by December to prevent prices from rising further.
A US government official said on Tuesday. The official announcement will be made on Wednesday.
President Joe Biden won’t rule out taking more barrels from the strategic reserve. The new release will happen in December. This is the latest part of a plan that Biden has announced will release 180 million barrels by spring. After the Russian invasion of Ukraine, the US tried to pressure Saudi Arabia to pump more oil. This has been done with a view to control the skyrocketing prices.
But the oil-rich nation, the unofficial head of OPEC, has not complied with the demands. Biden says he is disappointed with OPEC+’s decision to cut production.
A US government official said on Tuesday. An official announcement will be made Wednesday.President Joe Biden will not rule out taking more barrels from the strategic reserve. The new release will happen in December. This is the latest part of a plan that Biden has announced will release 180 million barrels by spring. After the Russian invasion of Ukraine, the US tried to pressure Saudi Arabia to pump more oil. This has been done with a view to control the skyrocketing prices. But the oil-rich nation, the unofficial head of OPEC, has not complied with the demands. Biden says he is disappointed with OPEC+’s decision to cut production.
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