Photo: Reuters (archived photo)
The US decided to collapse the price of oil
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Together with the United States, a number of other countries will take a similar step – Great Britain, China, India, South Korea and Japan.
US President Joe Biden announced the release of 50 million barrels of oil from strategic reserves. This is reported on the site White House on Tuesday, November 23rd.
“The US Department of Energy is preparing to release 50 million barrels of oil from the strategic oil reserve to lower fuel prices for Americans, and to balance supply and demand in a market emerging from the pandemic,” the statement said.
The White House noted that, together with the United States, a number of other countries will take a similar step: Great Britain, China, India, South Korea and Japan.
In turn, India has already announced its decision to sell on the market 5 million barrels of oil from its strategic reserves in order to reduce energy prices.
Earlier this week oil price fell below $ 78 per barrel. “Black gold” is getting cheaper on the news about quarantine restrictions in Europe and that the United States is considering the possibility of selling oil from the strategic reserve.
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