Taming prices: A contractor working on a crude oil pipeline at the Strategic Petroleum Reserve in Freeport, Texas. The United States is considering a release of more than 35 million barrels over time. — Bloomberg
WASHINGTON: President Joe Biden is preparing to announce a release of oil from the nation’s Strategic Petroleum Reserve in concert with several other countries, according to sources.
The move, likely in conjunction with India, Japan and South Korea, would be an unprecedented effort by major oil consumers to tame prices after the Organisation of Petroleum Exporting Countries plus (Opec+)countries rebuffed US calls to significantly boost production.
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