Title : Biden Administration Asks Japan, China, South Korea And India To Consider Tapping Their Oil Reserves
link : Biden Administration Asks Japan, China, South Korea And India To Consider Tapping Their Oil Reserves
Biden Administration Asks Japan, China, South Korea And India To Consider Tapping Their Oil Reserves
FILE PHOTO: An oil storage tank and crude oil pipeline equipment is seen during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson
CNBC/Reuters: U.S. asks Japan, China, others to consider tapping oil reserves, sources say
* The Biden administration has asked some of the world’s largest oil-consuming nations to consider releasing some of their crude reserves in a coordinated effort to lower prices and stimulate the economic recovery, several people familiar with the matter told Reuters.
* The Organization of the Petroleum Exporting Countries and allied producers including Russia have resisted calls from President Joe Biden to speed up the rate of their supply increases.
The Biden administration has asked some of the world’s largest oil-consuming nations to consider releasing some of their crude reserves in a coordinated effort to lower prices and stimulate the economic recovery, according to several people familiar with the matter.
Global oil prices touched seven-year highs in late October as oil demand has rebounded nearly to pre-pandemic levels, faster than the pace of supply. The Organization of the Petroleum Exporting Countries and allied producers, led by Saudi Arabia and Russia, have been adding 400,000 barrels per day to the market on a monthly basis.
They resisted calls this month from U.S. President Joe Biden for steeper boosts. In recent weeks, Biden and top aides have raised the issue with close allies including Japan, South Korea and India, as well as with China, the sources said.
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Update #1: Biden Reportedly Asked Xi About Possible Joint Release of Crude Reserves to Ease Prices at the Pump (Sputnik)
Update #2: U.S. Asks China To Release More Oil From Its Reserves (OilPrice.com)
WNU Editor: The problem with releasing oil from the strategic reserve is that it is only a temporary measure.
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