International Business: Asia looks to release oil reserves after US request – Gulf Digital News
International Business: Asia looks to release oil reserves after US request – Gulf Digital News
SINGAPORE: Governments from some of the world’s biggest economies said yesterday they were looking into releasing oil from their strategic reserves, following a rare request from the US for a co-ordinated move to cool global energy prices and ahead of a meeting of major oil producing countries.
The Biden administration has asked big oil buyers such as India and Japan – as well as China for the first time – to consider releasing stocks of crude, several people familiar with the requests told Reuters on Wednesday.
As the world economy rebounds from the pandemic, Washington is frustrated that producers in Opec+, the Organisation of the Petroleum Exporting Countries and allies such as Russia, have rebuffed US requests to speed up oil supplies. With gasoline prices and other costs rising, US President Joe Biden also faces political pressure ahead of midterm elections next year.
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