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US to Release 50 Million Barrels of Oil from Emergency Reserve to Cool Prices

Reuters

Last Updated: November 23, 2021, 18:43 IST

Washington

US on Nov 23 announced that it will release 50 million barrels of crude to help lessen oil prices. (Image: Shutterstock/File)

US on Nov 23 announced that it will release 50 million barrels of crude to help lessen oil prices. (Image: Shutterstock/File)

The United States will release 50 million barrels of crude from the U.S. Strategic Petroleum Reserve to help cool oil prices, that will start hitting the market in mid to lateDecember, the White House said on Tuesday.

The United States will release 50 million barrels of crude from the U.S. Strategic Petroleum Reserve to help cool oil prices, that will start hitting the market in mid- to late-December, the White House said on Tuesday.

The release, will take the form of a loan and a sale, and was being in made concert with other releases from strategic reserves by China, India, South Korea, Japan and Britain, senior Biden administration officials said.

“Today I’m announcing action to lower the cost of gas and oil for American families. The Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower gas and oil prices for Americans,” President Biden said in a tweet.

It was the first time the United States has coordinated releases with some of the world’s largest oil consumers, the officials said.

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first published:November 23, 2021, 18:43 IST
last updated:November 23, 2021, 18:43 IST