The United States decided to use its strategic oil reserves, like other major energy-consuming countries – China, India, Japan, South Korea and the United Kingdom. About it reported at the White House.
“The President worked with countries around the world to solve the supply problem as the world emerges from the pandemic. Thanks to the leadership of President Biden and our diplomatic efforts, the decision to use oil was made in parallel with other major energy-consuming countries, including China, India, Japan, South Korea and the UK, ”the document says.
The White House noted that Biden made the decision to use strategic oil reserves after weeks of consultations with leaders of countries around the world. Also in Washington, they said they already see the results of work on the problem of oil prices.
“Over the past few weeks, as reports of this activity appeared, oil prices have dropped by almost 10%,” the US administration recalled.
It is noteworthy that, despite this decision of the American administration, oil prices began to rise. So, the January futures for Brent crude are growing by 0.18%.
Earlier, Biden ordered the Department of Energy to use 50 million barrels of oil from the strategic oil reserve.