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11/23/2021, 1:10 PM (Source: TeleTrader)
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US to release 50 million barrels from SPR

United States President Joe Biden announced on Tuesday that he instructed the Department of Energy to release 50 million barrels from the Strategic Petroleum Reserve (SPR). The White House stated the decision is "taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom."

Out of the total amount, 32 million barrels "will be an exchange over the next several months, releasing oil that will eventually return to the Strategic Petroleum Reserve in the years ahead," according to the statement, while 18 million barrels "will be an acceleration into the next several months of a sale of oil that Congress had previously authorized." The White House added Biden is ready to take additional action if needed.

Baha Breaking News (BBN) / DJ