The US announced the release of 15 million barrels of oil

United States President, Joe Biden, announced the release of the Strategic Petroleum Reserve (SPR)

The President of the United States, Joe Biden, announced that the Department of Energy will release this Wednesday 15 million barrels from the country’s Strategic Petroleum Reserve (SPR) with the aim of being delivered in December.

Biden directed his administration to take these steps to strengthen energy security, address supply shortages and reduce costs, the White House said in a statement.

“President Biden is committed to doing everything in his power to respond to the increase in prices of (Russian President Vladimir Putin) at the pumps,” says the letter, which points out that global oil supply flows are a challenge for Russian actions.

Washington will deliver these additional barrels in December, so that this sale “will complete the historic reduction of 180 million barrels that the president announced”.

These policies, the Biden Administration reports, are helping “stabilize the energy market and reduce pump prices”.

Likewise, the US president notified the Department of Energy to prepare additional sales for the winter, in the event that they are necessary “due to Russian actions, among others, that disturb global markets.”

In addition, the United States intends to buy crude oil when prices are below 67-72 dollars a barrel, while the aforementioned department will propose fixed-price contracts through bidding processes, he detailed.

K. Tovar

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Source: CNN

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