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Biden’s administration asked some of the world’s largest oil consuming countries to consider releasing a portion of their crude reserves in a coordinated effort to lower prices and stimulate the economic recovery.
Reuters has quoted anonymous sources to convey the news late on Wednesday night. It is noteworthy that WTI crude oil prices take offers to refresh the lowest levels in seven weeks, around $77.85 at the latest, following the news.
Key Quotes
OPEC and allies including Russia have resisted calls from Biden to speed up the rate of their supply increases.
In recent weeks, Biden and top aides have raised the issue with close allies including Japan, as well as with China, sources said.
White House spokesperson says no decision made on oil reserve release.
US tap of SPR (Strategic Petroleum Reserve) could either be in form of sale and/or loan from the reserve.
US release of oil from reserve needs to be more than 20 mln-30 mln barrels to get message to OPEC.
US asked India, South Korea to consider oil reserve release.
US did not ask European countries to release oil from reserves.
US officials asked large oil-consuming countries to release oil after pleas to OPEC to supply more failed.
