Biden Orders Release of U.S. Oil Reserves in Challenge to OPEC+ - Bloomberg
The U.S. will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India and South Korea and the U.K -- an unprecedented, coordinated attempt the world’s largest oil consumers to tame prices that could prompt a backlash by OPEC+.
Of that amount, 32 million will be released from the U.S. Strategic Petroleum Reserve as an exchange over next several months, while 18 million will be as an accelerated release from previously authorized sale, the White House said in a statement Tuesday.
A Biden administration official told reporters Tuesday that barrels would begin moving as early as mid- to late December. The administration is prepared to take further, unspecified steps, if needed, the White House said.
West Texas Intermediate crude for January delivery dropped 1.5% to $75.61 a barrel as of 7:19 a.m. in New York.
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