The United States releases 15 million barrels of oil to lower prices

The United States releases 15 million barrels of oil to lower prices

The US will release 15 million barrels of oil from the US Strategic Reserve by December, in order to prevent prices from rising further.

A US government official said Tuesday. The official announcement will be made on Wednesday.

President Joe Biden also did not rule out withdrawing more barrels from the strategic reserve. The new release will happen in December. This is the last tranche of the program that Biden announced in the spring to release 180 million barrels. After the Russian invasion of Ukraine, the United States tried to pressure Saudi Arabia to pump more oil. In order to curb the sharp rise in prices.

But that oil-rich country, the unofficial leader of OPEC, did not comply with the demands. Biden says he is disappointed with the OPEC+ decision to cut production.

A US government official said Tuesday. The official announcement will be made on Wednesday, and President Joe Biden will not rule out drawing more barrels from the strategic reserve. The new release will happen in December. This is the last tranche of the program that Biden announced in the spring to release 180 million barrels. After the Russian invasion of Ukraine, the United States tried to pressure Saudi Arabia to pump more oil. In order to curb the sharp rise in prices. But that oil-rich country, the unofficial leader of OPEC, did not comply with the demands. Biden says he is disappointed with the OPEC+ decision to cut production.

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