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The United States Announced A Joint Multinational Action To Release 50 Million Barrels Of Strategic Crude Oil Reserves

The United States Announced A Joint Multinational Action To Release 50 Million Barrels Of Strategic Crude Oil Reserves

The administration of US President Biden announced that after weeks of negotiations, the US will take joint actions with oil-consuming countries such as China, India, Japan, South Korea, and the United Kingdom, and take the lead in releasing 50 million barrels of strategic crude oil reserves to suppress high oil prices. For the first time in history. Among them, 32 million barrels will be delivered in the next few months, and 18 million barrels will accelerate the previously authorized sales. As for India, it will release 5 million barrels of oil, while the United Kingdom may release 1.5 million barrels of oil. The U.S. described that crude oil prices have fallen by nearly 10% following the disclosure of relevant actions, although relevant news is negative for oil prices. However, as the action has been widely reflected, and the market is still waiting to see the results of the next month’s oil group meeting, oil prices first fell and then rebounded.
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