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Biden announces the release of 50 million barrels of strategic oil reserves

The White House announced that US President Joe Biden approved today, Tuesday, the decision to release 50 million barrels of strategic oil reserves for the United States. Gasoline prices inside the United States.

The White House stated that the measure would provide up to 50 million barrels per day of strategic oil reserves.

and made it clear that it would lend or release quantities of US oil reserves in coordination with the release of reserves by China, India, Japan, South Korea and Britain.

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The White House has confirmed that Biden is ready to take further steps with regard to oil prices if necessary. “Al-Arabiya” is the step of withdrawing from the unsustainable reserves, in the long term, and based on it, it will be difficult to build stocks in later stages at prices that will increase.

So far, Japan, India and South Korea have announced plans to draw down their strategic reserves to counter price hikes, while China has indicated similar moves.

A spokesperson said The United Kingdom government said on Tuesday that Britain would allow a voluntary drawdown of private sector oil reserves in response to a push for a global drawdown of oil reserves led by the United States. It will release the equivalent of 1.5 million barrels of oil.” He explained that “this does not affect the oil reserves of the United Kingdom, which are significantly higher than the level of the 90 days it requires.”

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