×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: China | Financial Markets | Infrastructure | Middle East | Money | oil reserves | Japan

US Asks Japan, China, Others to Consider Tapping Oil Reserves

oil well
A flare burns natural gas at an oil well  in Watford City, North Dakota. (AP file photo)

Wednesday, 17 November 2021 04:46 PM

The Biden administration has asked some of the world's largest oil consuming nations to consider releasing some of their crude reserves in a coordinated effort to lower prices and stimulate the economic recovery, according to several people familiar with the matter.

Global oil prices touched seven-year highs in late October, with populations returning to roads and rails after pandemic restrictions. Meanwhile, supply has not kept pace with demand.

The Organization of the Petroleum Exporting Countries and allied producers including Russia have resisted calls from President Joe Biden to speed up the rate of their supply increases.

In recent weeks, Biden and top aides have raised the issue with close allies including Japan, South Korea and India, as well as with China, the sources said. Several people familiar with the matter cautioned that such negotiations have not been finalized nor has any final decision been made about whether to pursue this or any other course of action on oil prices.

The White House declined to comment on the detailed content of specific conversations with other countries. "No decisions have been made," said a spokesperson for the White House's National Security Council.

The spokesperson added that the White House has said for weeks that it is "talking with other energy consumers to ensure global energy supply and prices do not imperil the global economic recovery. There is nothing to report beyond ongoing conversations and we consider a range of tools for if and when action is needed.

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
The Biden administration has asked some of the world's largest oil consuming nations to consider releasing some of their crude reserves in a coordinated effort to lower prices and stimulate the economic recovery, according to several people familiar with the matter.
oil reserves, Japan, China, United States, Biden administration
245
2021-46-17
Wednesday, 17 November 2021 04:46 PM
Newsmax Media, Inc.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved