Biden: 30 countries join the United States in releasing oil reserves – 04/01/2022

USA President , Joe BidenToday, he confirmed that more than 30 countries will follow the United States and rely on its strategic oil reserves, in an effort to bring down prices in a market shaken by war in Ukraine.

“This morning, more than 30 countries from around the world have been called to an extraordinary meeting and have agreed to release tens of millions of additional barrels of oil into the market,” Biden said in a letter to the White House.

The Democratic president announced Thursday that for six months he will release 1 million barrels per day of the United States’ vast strategic oil reserves.

The bold move, the largest use of strategic reserves since the country was ready to hold them in 1975, aims to calm a frenetic global oil market and reduce the tide of inflation that is spreading through the US economy.

Biden pointed out that the rising costs fuel For Americans, they are the result of high oil prices on world markets, due to the Russian invasion of Ukraine, and the sanctions imposed by Western countries that followed. Russia is the second largest oil exporter in the world after Saudi Arabia.

On March 7, oil reached its highest level ever since the 2008 financial crisis. The price of Brent North Sea crude was $139.13 a barrel and West Texas Intermediate crude was $130.50.

Since then, prices have fallen. Crude oil settled on Friday, briefly dropping below $100 a barrel.

* With AFP