US and Asian countries agree on strategic oil reserves

The US decided to use strategic oil reserves in coordination with China, India, Japan, South Korea and the UK, the White House said on Tuesday, Interfax reports.

The White House noted that Biden decided to use strategic oil reserves after weeks of consultations with leaders of countries around the world. Also, in Washington, they said they already see the results of work on the problem of oil prices.

"Over the past few weeks, as reports of this activity appeared, oil prices have dropped by almost 10%," the US administration recalled.

Bloomberg noted that the forthcoming use by the United States and other countries of their oil reserves is "an unprecedented effort by major consumer countries to reduce oil prices after the OPEC+ countries did not hear the US calls to significantly increase production."

Earlier, Biden ordered the Department of Energy to use 50 million barrels of oil from the strategic oil reserve.

Tags: oil, USA, Asia, OPEC+, negotiations, price, petroleum products, oil deliveries, oil reserves, economy, Europe, China

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