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President Joe Biden will announce on Wednesday he's putting the concluding 15 million barrels on the market from a record release of US strategic oil reserves, with more releases possible if energy prices spike, a senior US official said Tuesday, reports UNB.
The new installment of oil from the Strategic Petroleum Reserve will be "completing the 180 million barrel release authorized in the spring," in response to price hikes linked to Russia's invasion of Ukraine, a senior US official said.
The order, which Biden will announce in a speech, means the president will be "making clear that the administration is prepared to undertake significant additional... sales this winter if they are needed due to Russian or other actions disrupting global markets," the official added.
Bd-pratidin English/Ishrar Tabassum
