The United States on Tuesday said it would release millions of barrels of oil from its reserves as a strategy to coordinate with China, India, South Korea, Japan and Britain to try to bring prices down after OPEC + producers failed. Ignore repeated calls for more crude.
Crude oil prices have recently hit a record high of $ 100 a barrel. Many consumers are feeling very dissatisfied with the sharp rise. Given the sharp recovery in global demand, which fell in the early years of the pandemic by 2021, analysts say the release of reserves may not be enough to stem further growth.
Tuesday's announcement that the United States would release 50 million barrels came after an official said Washington was approaching major Asian energy consumers. Officials say it is the first time the United States has facilitated such a move with some of the world's largest oil consumers.
Translated by SO VANNA IU