President Joe Biden and his administration are prepared to release more oil from the US Strategic Petroleum Reserve to markets to prevent global oil prices from soaring, US State Department Senior Adviser for Global Energy Security Amos Hochstein said on Monday
WASHINGTON (Pakistan Point News / Sputnik - 29th November, 2021) President Joe Biden and his administration are prepared to release more oil from the US Strategic Petroleum Reserve to markets to prevent global oil prices from soaring, US State Department Senior Adviser for Global Energy Security Amos Hochstein said on Monday.
"Absolutely. This is a tool that was available to us and will be available again," Hochstein told CNBC in Dubai.
The Biden administration has said it will release millions of barrels of oil from the Strategic Petroleum Reserve in order to compensate for the refusal of the Organization of Petroleum Exporting Countries (OPEC) to expand its own production to meet rising global demand.
Hochstein noted the 30 million barrels release was an exchange where companies and traders can take the oil now and return it over a scheduled period of time.
"That means the Strategic Petroleum Reserve will be replenished," Hochstein said.
The US government retained enough oil reserves to repeat its current planned action in the future if the need to do so arose, Hochstein added.
