WASHINGTON, Nov 23 – The administration of U.S.
Crude oil prices recently touched seven-year highs, and consumers are feeling the pain.
India, meanwhile, said it would release 5 million barrels, while Britain said it would allow the voluntary release of 1.5 million barrels of oil from privately held reserves.
China, the world’s largest crude importer, remains non-committal, though it has taken steps this year to cool price rises of other commodities in its domestic market.
“As a result, the Biden administration will have to turn to China again.
allies in the Gulf, as well as Russia, has rebuffed requests so far to pump more.
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S.
The administration has also pointed to a notable gap between the price of unfinished gasoline futures and the retail cost of gasoline, which has widened to about $1.14 a gallon from roughly 78 cents in mid-October.
The 32 million-barrel loan will take place over the next several months, while the administration would accelerate a sale of 18 million barrels already approved by Congress to raise funds for the budget.
Suhail Al-Mazrouei, energy minister of the United Arab Emirates, one of OPEC’s biggest producers, said before details of the release of U.S.
They said Britain and India were releasing modest amounts and the United States had already announced some releases, and so the additional quantity was less than expected.
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