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The U.S. Asks Major Crude Oil Consumers To Consider Releasing Part Of Its War-ready Oil Storage

The U.S. Asks Major Crude Oil Consumers To Consider Releasing Part Of Its War-ready Oil Storage

Because of rising energy prices, the market has reported that US President Biden (Joe Biden) has asked several major crude oil consumers to consider releasing part of the strategic reserve (SPR) to jointly suppress oil prices. Reuters exclusively quoted an unnamed source on the 17th. Biden and several senior staff members have started to raise the issue of the release of war preparations for oil storage with Japan, South Korea, India and other allies and China in recent weeks. The Japanese side has given a positive response. . India does not have much war-ready oil storage. Why has it become the subject of inquiry by the Biden administration? A source said, "We hope that the world's largest crude oil consumers will send a message to OPEC, that is, "You must change your behavior." However, several people who know the details. The people warned that the relevant consultations are still inconclusive and there is no final resolution. The report quoted a U.S. source who was involved in the discussion pointed out that if it is to release war-ready oil storage, the U.S. share may have to exceed 20-30 million barrels before it can have an impact on the market. The U.S. may release crude oil by selling or lending its reserve oil.
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