Wednesday, October 19, 2022

Biden to release 15 mln barrels of US oil from reserves, says official

 President Joe Biden will announce Wednesday he's putting the final 15 million barrels on the market from a record release of US strategic oil reserves, with more releases possible if energy prices spike, a senior US official said.

The new tranche of oil from the Strategic Petroleum Reserve will be "completing the 180 million barrel release authorised in the spring," in response to price hikes linked to Russia's invasion of Ukraine, a senior US official said Tuesday.

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