The United States will release one million barrels of crude per day for six months. plunging prices
US President Joe Biden will announce today that the United States will once again use its strategic oil reserves and release one million barrels per day for six months, in a new attempt to contain rising oil prices. “Black gold,” the White House said, citing the Financial Times.
Fuel prices have also come under strong pressure on the other side of the Atlantic, with a material impact on inflation, and this recourse to strategic reserves will provide some relief – the US consumes about 20 million barrels per day, which is a fifth of oil reserves. global demand.
It is then expected that Biden will officially announce, later today, the total release of 180 million barrels in six months, while also maintaining the idea of cooperating with other countries so that they do the same with the crude they have stored.
It is reported that earlier this month, crude oil prices traded at the highest value in the last 14 years, with Brent North Sea – a reference for European imports – touching US$139.13, which is very close to its historical highs. 11, 2008.
West Texas Intermediate (WTI), a benchmark for the United States, was around $120, while its benchmark, also set on July 11, 2008, was $147.27.
In today’s session, with this announcement from the US, prices continue to fall sharply in international markets. Brent crude fell 4.95 percent to $107.83, and West Texas Intermediate crude fell 4.78 percent to $102.67.
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