US leads oil release with 50mn bl from SPR: Update

US leads oil release with 50mn bl from SPR: Update

Updates with changes throughout

Washington, 23 November (Argus) — President Joe Biden has ordered the US to draw down up to 50mn bl of crude from its Strategic Petroleum Reserve (SPR), as part of a global push by oil-consuming countries to lower fuel prices that have surged to seven-year highs.

The US will offer long-term loans of up to 32mn bl from its SPR over the next five months, while selling 18mn bl of crude outright. India separately plans to release 5mn bl of crude from its strategic stocks over an unspecified time frame, while the UK today authorized companies to "voluntarily" release the equivalent of up to 1.5mn bl of oil held in reserves.