The U.S. President Joe Biden earlier ordered the release of 30 million barrels of oil from the strategic reserve in connection with the situation around Ukraine.
The topic of the possibility of releasing additional oil from national reserves is under discussion, all options are being considered. This was announced by Energy Minister Jennifer Granholm on Thursday at a press conference following the ministerial meeting of the member countries of the International Energy Agency (IEA).
“As for oil supplies. We called for an increase in supplies within our country: it is obvious that this oil is traded on the world market. <…> I don’t know if the IEA has other estimates, but, apparently, <…> oil supplies will increase by about a million barrels per year,” she said and explained that such the short-term forecast is given by the American authorities. “Obviously, this is not all that is required, more can be done. As for emergency reserves, <…> I believe that these are ongoing discussions, all these tools are under consideration,” the head of the U.S. Department of Energy added.
Earlier, U.S. President Joe Biden ordered the release of 30 million barrels of oil from the strategic reserve in connection with the situation around Ukraine. This step was coordinated with another 30 IEA member countries, which agreed to jointly release a total of 60 million barrels from their oil reserves. This decision is designed to eliminate supply disruptions amid the Ukrainian crisis.