Biden Decides to Release 15 Million Barrels of Oil from Strategic Reserve to Curb Price Increase

U.S. President Joe Biden has ordered the release of an additional 15 million barrels of oil from the strategic reserve into the American market. A senior U.S. official stated on Tuesday that Biden will announce this unprecedented release of 15 million barrels from the U.S. strategic oil reserves on Wednesday, with the possibility of further releases if energy prices rise. The official noted that this new release of oil from the strategic petroleum reserve complements the previously announced release of 180 million barrels in the spring, in response to rising prices. The official added that Biden will confirm in a speech the administration's readiness to carry out additional significant sales this winter if needed due to Russian actions or other factors disrupting global markets. The U.S. administration plans to start purchasing oil to replenish the reserve at a price below $67-72 per barrel, as announced by the White House.