The United States has ordered a release from the Strategic Petroleum Reserve (SPR) in response to the oil prices hitting their seven-year highs, to ensure adequate supply as the world exits the COVID-19 pandemic, the Energy Department said on Tuesday
WASHINGTON (Pakistan Point News / Sputnik - 23rd November, 2021) The United States has ordered a release from the Strategic Petroleum Reserve (SPR) in response to the oil prices hitting their seven-year highs, to ensure adequate supply as the world exits the COVID-19 pandemic, the Energy Department said on Tuesday.
Earlier in the day, President Joe Biden announced the release of 50 million barrels of oil from the SPR in concert with other energy consuming nations, including China, India, Japan, South Korea and the UK.
"As the global economy recovers from the pandemic, oil supply has failed to increase at a pace necessary to meet demand. Today's decision is in response to the highest oil prices experienced in seven years and aims to ensure adequate supply as we exit the pandemic," the statement said.
