The decision of 30 countries to launch strategic oil reserves will not allow Putin to blackmail the world.
Strategic reserves of black gold from more than 30 countries will be sent to the world oil market. This will saturate demand by tens of millions of barrels, which will inevitably lead to a collapse in fuel prices. This was announced on April 1 by US President Joe Biden, the White House press service reported.
“I have agreed on this step with allies and partners around the world. This morning, more than 30 countries around the world gathered for an extraordinary meeting and agreed to release tens of millions of additional barrels of oil for the market, “he said.
The exact list of countries that have agreed to deconserve their reserves in the White House is not published. It only mentioned that “countries are uniting to deprive Putin of the opportunity to use his energy resources as a weapon against not only American families, but also families in Europe and around the world.”
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The day before, Biden announced a decision to send an average of 1 million barrels of oil a day from the US Strategic Reserve to the market over the next six months and called on local producers to increase production to adjust downwards for oil and gasoline.
“Nobody knows how much prices will fall,” he said.
Biden called the current release of fuel from the US strategic reserve the largest in American history. The president added that his administration was working with American oil producers to increase oil production.
