The White House announced on Tuesday that U.S. President Joe Biden decided to release quantities from the strategic oil reserve in coordination with other countries. Biden has decided to use 50 million barrels from the U.S. strategic oil stockpile in a coordinated effort with other countries to alleviate rising fuel prices. The White House stated, "The release (of the quantity) will take place alongside other energy-consuming countries including China, India, Japan, South Korea, and the United Kingdom." This U.S. decision is part of a plan reached with major Asian energy consumers to lower energy prices. Following the White House's announcement, West Texas Intermediate crude fell by $1.38 or 1.8 percent to $75.37 per barrel. Earlier reports indicated that the United States, Japan, and India would release reserves of crude oil to reduce prices despite the risk of demand faltering due to the spread of COVID-19 cases in Europe.
India Releases 5 Million Barrels Daily
In this context, a government statement mentioned that India will release 5 million barrels from its strategic reserves in coordination with other buyers including the United States, China, Japan, and South Korea. This step is part of coordinated efforts led by President Joe Biden to release stocks, which are seen as a warning to OPEC and its allies (OPEC+) to pump more oil to counter rising inflation in major economies like the United States and China.
