US President Joe Biden persuaded some countries of the world to follow the example of his administration and use their own strategic oil reserves to reduce prices in global markets, Bloomberg writes.
According to the publication, the start of oil interventions in coordination with other countries can be announced on November 23. In the US, the reserves of a national strategic reserve created in 1973 will be used after the global energy crisis.
It is expected that Japan will join the USA, India and South Korea. In mid-November, Biden raised this topic during the online summit with the chairman of the PRC Si Jinspin. The latter did not exclude the ability to act in coordination with Washington, but did not take on any obligations. On November 22, it became known that the participating countries of the OPEC agreement can also adjust oil production plans within the framework of general intentions to reduce it.
It is assumed that the use of reserves will increase the supply of oil on the global market and, as a result, achieve price reduction. Starting from November 18, the cost of January futures for the supply of Brent oil on the ICE exchange is reduced and by the time of publication reached $ 79.54 per barrel.