US President Joe Biden said that more than 30 countries had joined a campaign to saturate the oil market to lower energy prices.
Source: The President of the USA
“I coordinated this step with allies and partners around the world. This morning, more than 30 countries around the world gathered for an emergency meeting and agreed to release tens of millions of additional barrels of oil for the market.”
He said the various nations had united to prevent Russia from “turning energy resources into weapons” against the United States, Europe, and other countries.
However, Biden called the current release of fuel from the US strategic reserve, the largest in American history. The president added that his administration was working with US oil producers to increase oil production.
The day before, Biden announced a decision to supply an average of 1 million barrels of oil per day to the market from the US strategic reserves over the next six months.
The president added that prices would largely depend on how much oil the US allies agreed to release from strategic reserves. Biden suggested that they could allocate 30-50 million barrels.
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