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  • U.S. President Biden announces that U.S. Department of Energy will make available releases of 50 million barrels of oil from Strategic Petroleum Reserve - White House
Ekonomické zprávy
23.11.2021

U.S. President Biden announces that U.S. Department of Energy will make available releases of 50 million barrels of oil from Strategic Petroleum Reserve - White House

According to the White House's (WH) statement, the aim of the release is to lower prices for Americans and address supply-demand mismatch, and it will be taken in parallel with other major energy-consuming nations, namely China, India, Japan, Korea, and the UK.

The releases will be made by the U.S. Department of Energy in two ways:

1) 32 million barrels will be an exchange over the next several months, releasing oil that will eventually return to the reserve in the years ahead;

2) 18 million barrels will be an acceleration into the next several months of a sale of oil that Congress had previously authorized.

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