US President Joe Biden has decided to send an average of 1 million barrels of oil per day to the market from the US strategic reserve over the next six months, the White House reports, Interfax reports.
“Following the results of consultations with allies and partners, the President will announce the largest ever release of oil from the strategic reserve. It will send an average of 1 million barrels per day to the market over the next six months,” the US administration said in a statement.
“President Biden will coordinate this initiative with allies and partners around the world. It is expected that other countries will join this initiative, and then the combined forces will be able to release much more than 1 million barrels per day, ”the White House notes.