International Business: US could adjust timing of oil stockpile release if prices fall – Gulf Digital News

International Business: US could adjust timing of oil stockpile release if prices fall – Gulf Digital News

WASHINGTON - The Biden administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially, U.S. Deputy Energy Secretary David Turk told Reuters on Wednesday.

Turk, speaking in a video interview for the Reuters Next conference, added that other consumer nations that had agreed to release strategic reserves in concert with the United States to tame prices could also adjust their timing, if needed.

“I think each country will make decisions based on what's useful and good for their consumers and based on where the price is,” he said.