- Home
- Business
- News
- Biden Ready to Release More Oil From Strategic Reserve to Keep Prices Down- Energy Adviser
Biden Ready To Release More Oil From Strategic Reserve To Keep Prices Down- Energy Adviser
Muhammad Irfan Published November 29, 2021 | 10:48 PM
President Joe Biden and his administration are prepared to release more oil from the US Strategic Petroleum Reserve to markets to prevent global oil prices from soaring, US State Department Senior Adviser for Global Energy Security Amos Hochstein said on Monday
WASHINGTON (UrduPoint News / Sputnik - 29th November, 2021) President Joe Biden and his administration are prepared to release more oil from the US Strategic Petroleum Reserve to markets to prevent global oil prices from soaring, US State Department Senior Adviser for Global Energy Security Amos Hochstein said on Monday.
"Absolutely. This is a tool that was available to us and will be available again," Hochstein told CNBC in Dubai.
The Biden administration has said it will release millions of barrels of oil from the Strategic Petroleum Reserve in order to compensate for the refusal of the Organization of Petroleum Exporting Countries (OPEC) to expand its own production to meet rising global demand.
Hochstein noted the 30 million barrels release was an exchange where companies and traders can take the oil now and return it over a scheduled period of time.
"That means the Strategic Petroleum Reserve will be replenished," Hochstein said.
The US government retained enough oil reserves to repeat its current planned action in the future if the need to do so arose, Hochstein added.
Recent Stories
Meezan Bank, Roche Pakistan join forces to combat breast cancer
Tamasha to livestream ICC men's T20 World Cup 2024
Pakistan and Japan Final clash in Azlan Shah Hockey Cup 2024 on Saturday
Reasons to experience magic of Sharjah Children’s Reading Festival this weeken ..
Eight unfrequented routes closed to secure Karachi
Paris officer 'between life and death' after police station shooting
Renowned journalist Mazhar Abbass unveils Abbottabad cricket trophy
Lists of farmers entitled to get gunny bags displayed at Passco purchase centers
DC Jhang visits DHQ Hospital, orders revamp, improved care
Regional head Federal Ombudsman visits NBP Shikarpur
CDA chief directs construction of cycling tracks in diplomatic enclave
Recovery of Ammunition by Customs at international Departure JIAP Karachi
More Stories From Business
-
Meezan Bank, Roche Pakistan join forces to combat breast cancer
9 minutes ago -
Salim calls for utilizing Turkish expertise in PIA's privatization
41 minutes ago -
PSX stays bullish, gains 427 more points
41 minutes ago -
Pakistan committed to promote green investment: Aurangzeb
31 minutes ago -
Short-term inflation eases by 1.39 percent
2 hours ago -
Gold rates increase by Rs.4,600 to Rs 243,800 per tola
3 hours ago
-
European stock markets hit record highs on rate cut hopes
24 minutes ago -
Foreign Exchange (Forex) Open Market Rate in Pakistan 10 May 2024
25 minutes ago -
Shipping Activity at Port Qasim
14 minutes ago -
Paris CAC 40 stock index hits new record
14 minutes ago -
Pakistan, GCCs FTA, likely to be finalized in near future: Commerce Minister
5 hours ago -
London, Frankfurt hit records as rate hopes boost markets
14 minutes ago