March 24, 2023

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The United States has withdrawn 50 million barrels of oil reserves to cut prices

The United States has withdrawn 50 million barrels of oil reserves to cut prices

The United States has about 50 million barrels of oil available from its strategic reserves to reduce oil prices. No Reports White House on Tuesday afternoon. The reason for the decision was that the oil cartel refused OPEC +, despite increased demand. Extra oil To pump.

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Of the 50 million barrels, 32 million will be released from US strategic oil reserves, while 18 million barrels already sold will be accelerated to market. The first barrels will be released in mid or late December, a White House spokesman said Bloomberg.

US President Joe Biden announced in the same statement that major users such as China, Japan, India, South Korea and the United Kingdom would take similar steps. It is not yet clear if this will actually happen and how many barrels of oil are involved. Countries have not yet made any announcement.

The struggle for oil prices

OPEC +, an alliance of oil-producing nations and Russia, which is not officially a member, has reduced production during the Corona epidemic as demand has fallen. Since July, it has increased by an additional 400,000 barrels per day per month. In October, no talks took place between key users and OPEC + to further increase oil production.

OPEC senior executives have warned key users themselves that they will withdraw their promise to pump out extra oil if they add oil to the overall market supply. The oil cartel has not yet commented on the US decision.

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