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30 countries jointly open oil reserves

An oil storage facility in Texas, USA. Photo: Reuters

This is the statement of US President Joe Biden yesterday.

More than 30 countries around the world convened an extraordinary meeting and agreed to put tens of millions of barrels of additional oil on the market. The volume and timing of this program could be approved within the next week at the earliest.

A day earlier, President Biden announced the number of barrels of oil exported from the US strategic oil reserve, pledging to supply 1 million barrels of oil a day within 6 months. The White House announcement emphasized that this is an “unprecedented” level because the world has never released oil reserves of up to 1 million barrels per day for such a long time. This release of oil reserves equates to about two days of global oil demand and marks the third time the US has opened up its oil reserves in the past six months.

World oil prices fell 7% after the US opened oil reserves. For the whole week, both Brent and US light sweet crude fell about 13%, marking the biggest weekly drop in two years.

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