WASHINGTON, Oct 18 – PRIME The administration of US President Joe Biden plans to release another 10 to 15 million barrels of oil from the strategic reserve to balance the market and prevent further strong growth in world prices, Bloomberg reports, citing people familiar with the situation.
According to the agency, this will be the next tranche under the US oil market intervention program to release 180 million barrels, the sale of which was authorized in March.
On October 5, the White House announced that the United States does not plan to release new volumes of oil from the strategic reserve. On October 6, US President Joe Biden ordered the Energy Department to release another 10 million barrels from the reserve in November, in addition to the 180 million that the sale was authorized in March. The administration explained its actions as a reaction to the decision of OPEC + to reduce oil production.
Earlier, US Deputy Energy Secretary David Turk said that the country has the opportunity to additionally release oil from the reserve.
Biden’s political opponents, including former President Donald Trump, accuse the Democratic administration of using oil reserves earmarked for natural disasters or war to score extra points ahead of the November congressional elections.