Biden will take new measures to influence the oil market if necessary

Biden will take new measures to influence the oil market if necessary

U.S. President Joe Biden is ready to take additional measures to influence the oil market if necessary, Washington will continue to discuss the issue with partners. Speaking about Joe Biden’s decision to release 50 million barrels of oil from the U.S. strategic reserves, the administration in Washington will continue to discuss the subject with international partners. The president is prepared to take additional measures if needed and is prepared to use his full authority, working in coordination with other countries, to maintain sufficient supply levels as the pandemic emerges.

The release of 50 million barrels of oil from U.S. strategic reserves is “an important step to ensure the necessary supply of oil.” The U.S. administration said the U.S. side is “very carefully” conducting assessments to decide “which tools are best suited for a particular market situation.”

Washington expects that OPEC countries will not give up on ramping up production. “As you know, OPEC has said they plan to supply an additional 400,000 bpd starting in December. We hope and expect them to continue on this course,” the U.S. administration stated.

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