This came following it was announced US President Joe Biden, in his first State of the Union address to Congresstuesday, that United State It will put on the market 30 million barrels of oil from its strategic reserves, in order to allay fears arising from the Russian war on Ukraine.
Biden said that "The United States worked with 30 other countries to pump 60 million barrels of oil from reserves around the world. you will drive America This effort by putting up 30 million barrels of oil" in the market, emphasizing that his administration "Willing to do more if needed".
And it sparks increasing sanctions Western countries Russia has fears of stopping Russian exports from oil and gaswhich is reflected in an increase in prices.
and formed Russian supplies About 40 percent of European gas needs, while regarding 2.3 million barrels of Russian crude travel west every day through a network of pipelines.
On Tuesday, the International Energy Agency announced that its member states will withdraw from their strategic oil reserves 60 million barrels to allay market concerns.
. will be held Organization of Petroleum Exporting Countries (OPEC) will hold a meeting, on Wednesday, in which Russia will participate to discuss the possibility of increasing production to limit the rise in prices.
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The price of a barrel of Brent crude rose by 4.88 percent, to 110.09 dollars, while the price of West Texas Intermediate crude increased by 5.06 percent, to 108.64 dollars a barrel.
This came following it was announced US President Joe Biden, in his first State of the Union address to Congresstuesday, that United State It will put on the market 30 million barrels of oil from its strategic reserves, in order to allay fears arising from the Russian war on Ukraine.
Biden said, “The United States worked with 30 other countries to pump 60 million barrels of oil from reserves around the world. It will lead America This effort by putting 30 million barrels of oil on the market, stressing that his administration is “ready to do more if necessary.”
And it sparks increasing sanctions Western countries Russia has fears of stopping Russian exports from oil and gaswhich is reflected in an increase in prices.
and formed Russian supplies About 40 percent of European gas needs, while regarding 2.3 million barrels of Russian crude travel west every day through a network of pipelines.
On Tuesday, the International Energy Agency announced that its member states will withdraw from their strategic oil reserves 60 million barrels to allay market concerns.
. will be held Organization of Petroleum Exporting Countries (OPEC) will hold a meeting, on Wednesday, in which Russia will participate to discuss the possibility of increasing production to limit the rise in prices.
