The Daily Times Newspaper

US to Release Million Barrels of Oil a Day from Reserves

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The United States will release one million barrels of oil per day from its oil reserves over six months. That’s more than ever. The administration of US President Joe Biden hopes this will bring oil prices down. They have risen sharply since the Russian invasion of Ukraine.

 

Earlier in the day, the Bloomberg news agency reported the American plan. In response, US oil prices fell by more than 5 percent.

The major oil-producing countries of the oil cartel OPEC and allies such as Russia announced on Thursday that they would stick to the gradual increase in production. OPEC+, as the alliance is called, will increase oil production by 432,000 barrels per day in May. That is slightly more than before because production was increased by 400,000 barrels per day every month.

OPEC has been under pressure for some time from the United States and Europe, among others, to pump up much more to counteract the sharply increased fuel prices due to the war in Ukraine. But important OPEC members such as Saudi Arabia, for example, have not responded to this.

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