US says to sell 50 mln barrels of oil to reduce price
MOSCOW, Nov 23 (PRIME) – The U.S. will sell 50 million barrels of oil from the strategic reserve to decrease the price, the White House said on Tuesday.
"Today, the president is announcing that the Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower prices for Americans and address the mismatch between demand exiting the pandemic and supply," the statement read.
China, India, Japan, Republic of Korea and the U.K. will also sell oil from the strategic reserves, the authority said.
The U.S. Department of Energy will release oil in two ways: 32 million barrels will be an exchange over the next several months, releasing oil that will eventually return to the Strategic Petroleum Reserve in the years ahead and 18 million barrels will be an acceleration into the next several months of a sale of oil that Congress had previously authorized.