U.S. President Joe Biden on Tuesday announced the Department of Energy would release 50 million barrels of oil from the Strategic Petroleum Reserve (SPR) in an attempt to calm down oil reserve.
Department of Energy will release 50 million barrels from the SPR with 32 million barrels in the form of exchange in the next several months. The release of oil must be returned to the SPR in the years ahead. The remaining 18 million barrels will be in released in the next several months in the form of sale as authorized by the congress earlier.
The SPR release from the United States is being carried out in parallel with other major energy-consuming nations, including China, India, Japan, the Republic of Korea, and the United Kingdom.
The White House release read reserve release will be carried out in parrel with other major energy buyers including China, India, Japan, Korea and the United Kingdom.
Earlier Wednesday morning, Japanese Prime Minister Fumio Koshida said the government would release some oil from reserve.
Industry Minister Koichi Hagiuda will announce the specifics of the details.
