On Friday, 1 April, more than 30 countries released their oil reserves and joined a market saturation campaign to lower prices. US President Joe Biden announced this today, Interfax-Ukraine reports.
"I coordinated this step with allies and partners around the world. This morning, more than 30 countries worldwide gathered for an emergency meeting and agreed to release tens of millions of additional barrels of oil for the market," Biden said.
US President didn't name the list of these countries and the volume of oil. The campaign aims to create conditions under which russia "will not be able to turn its energy resources into weapons".
Biden called the current fuel release from US strategic stockpile the largest in American history. The president added that his administration works with American oil producers to increase oil production.
The day before, Biden announced a decision to send an average of 1 million barrels of oil per day from the US strategic reserve to the market in the next six months. He also noted that this does not allow to predict precisely how much the oil price will fall.
As a result of the release of reserves, the oil financial quote ended the week with the sharpest decline in two years. Brent oil price fell by more than 10% (105 dollars) and WTI oil by 12% (100 dollars per barrel).