American authorities have decided on the largest oil release from the strategic reserve.
US President Joe Biden has decided to send an average of 1 million barrels of oil per day to the market from the country’s strategic reserve over the next six months. This was announced by the White House on Thursday, March 31st.
“Following consultations with allies and partners, the president will announce the largest oil release from the strategic reserve. An average of 1 million barrels per day will be sent to market over the next six months,” the message said. .
It is indicated that the United States will engage in this initiative with allies and partners around the world.
“It is expected that other countries will join this initiative, and then the combined forces will be able to produce more than 1 million barrels per day,” the White House added.
Recall that Russia’s oil exports dropped by a quarter. Russia has struggled to sell its oil following the U.S. embargo and an unspoken boycott in response to the war in Ukraine. According to media reports, about 70% of Russia’s oil exports are now having difficulty finding buyers.
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Source: korrespondent
