3/31, 4:51 PM (Source: TeleTrader)
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US to release 1M bpd from oil reserves for 6 months

United States President Joe Biden announced on Thursday that the US will release 1 million barrels per day from oil reserves for the next six months, calling it "the largest release of oil reserves in history" and urging other countries to join the effort.

Biden also said the US oil production is currently "expected to increase by 1 million barrels per day this year and nearly 700,000 barrels per day next year." He called on Congress to make companies pay fees on unused wells and land they are not using, in order to motivate them to increase production. In addition, he will call on Congress to pass his plan to speed the transition to clean, domestically produced energy, as well as sign a directive to secure US production of critical materials needed for the transition, according to the White House.

Baha Breaking News (BBN) / DJ