US President Joe Biden may make a statement on the release of some oil from the US strategic oil reserve – the world’s largest oil reserve – as early as Tuesday, November 23rd. Bloomberg writes about this, citing knowledgeable sources.
According to the agency, Biden will announce more than 35 million barrels of oil entering the market. Similar measures are expected from a number of other large importers of this type of fuel – India, Japan and South Korea.
The Biden administration has approached these countries, as well as China, with a request to “print” its reserves in order to reduce the oil prices on the world market, which dictate the price of gasoline. The cost of the latter at American gas stations has renewed seven-year highs and has grown over the past year by more than 60%. Meanwhile, Biden instructed the national regulator, the Federal Trade Commission, to check oil and gas companies for involvement in the rise in gasoline prices.
In addition, he also proposed to OPEC + to increase oil production in excess of the planned 400,000 barrels per day per month, but the oil alliance rejected the idea due to concerns about a slowdown in demand growth. At the same time, it became known earlier that OPEC + may change the parameters of its deal to restore production in the event that importers start selling their strategic reserves.
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