The US government of President Joe Biden has asked some of the world’s largest oil-consuming countries to consider releasing some of their crude reserves in a concerted effort to reduce prices and stimulate economic recovery, according to many knowledgeable sources. on the subject, cited by Reuters.
World oil prices hit a seven-year high in late October, as much of the population resumed road and rail transport after the pandemic was lifted, while supply kept pace with demand.
OPEC and its allied producers, including Russia, have resisted Biden’s calls to speed up their supply growth.
In recent weeks, the US president and his top advisers have raised the issue with close allies, including Japan, South Korea, India, and China, sources said.
The sources stressed that such negotiations have not been finalized, nor has any final decision been taken on whether this option or any other course of action on oil prices will continue.
The White House declined to comment on the detailed content of specific talks with other countries. “No decision has been made,” said a White House National Security Council spokesman.
The spokesman said the White House had been reporting for weeks that it was “talking to other energy consumers to ensure that global energy supply and prices do not jeopardize the global economic recovery.” “There is nothing to say other than the ongoing talks and we are looking at a number of tools on whether and when we need to take action.”
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