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US will release 50 million barrels of oil from strategic reserves: biden

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US will release 50 million barrels of oil from strategic reserves: biden

Washington, Nov 24 (AP) US President Joe Biden has announced the withdrawal of 50 million barrels of oil from strategic oil reserves. This announcement has been made as part of the international initiative to bring down crude oil prices.

“While our joint efforts won’t solve the problem of high oil prices in a jiffy, it will make a difference,” Biden said Tuesday, announcing the release of crude from strategic reserves at the White House, the presidential residence.

He said that releasing crude oil in the market on such a large scale would bring down the oil prices. However, he acknowledged that it may take some time.

This move of America is part of joint efforts being made with Britain, China, India and Japan. The world’s major oil-consuming countries have decided that they will release crude from their emergency reserves on their own after OPEC countries refused to increase crude oil production.

India has also announced a day earlier to release 5 million barrels of crude oil from its strategic reserves. At the same time, Britain has announced to release 1.5 million barrels of oil. Japan and South Korea are also thinking of taking such a step.

AP Prem Prem Raman

Raman

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