Biden Approves The Release Of 30 Million Barrels Of Oil From The US Strategic Reserve
US President Joe Biden ordered the release of 30 million barrels of oil from the strategic reserve in connection with the situation around Ukraine. This is stated in the message of the US Department of Energy after ministerial talks within the framework of the International Energy Agency (IEA).
The United States and 30 other IEA member countries, with the support of the European Commission, agreed to release 60 million barrels of oil from strategic reserves. This decision reflects common commitment to address significant market and supply disruptions associated with the war with Ukraine. In accordance with this decision, President Biden authorized to make an initial commitment to allocate 30 million barrels of oil from the strategic reserve. The USA is ready to take additional measures if conditions require.
Earlier, the Minister of Economy, Trade and Industry of Japan, Koichi Hagiuda, also announced the decision of the IEA member countries. The goal was to lower oil prices. According to him, it is an extremely important decision that demonstrates the willingness of the international community to work together to overcome this difficult situation.