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10/5, 6:34 PM (Source: TeleTrader)
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WH: Biden to continue to direct SPR releases as appropriate

United States President Joe Biden (pictured) directed the Department of Energy on Wednesday to deliver another 10 million barrels from the Strategic Petroleum Reserve (SPR) to the market next month amid "the continued negative impact of Putin's invasion of Ukraine."

"The President will continue to direct SPR releases as appropriate to protect American consumers and promote energy security," said the White House in a press release. "Finally, today's announcement is a reminder of why it is so critical that the United States reduce its reliance on foreign sources of fossil fuels."

As soon as yesterday, the White House said that the administration was "not considering new releases" of the SPR, despite previous reports that OPEC+ was considering cutting oil output.

Baha Breaking News (BBN) / JG