Biden uses strategic reserves to curb inflation in the country.
The United States has announced plans to release a record amount of oil from reserves without consulting the IEA. If this happens, many will begin to question the feasibility of the International Energy Agency (IEA), writes Reuters.
According to the agency, citing a source, the United States announced a record release of oil reserves in March without consulting with IEA partners. According to him, this forced other members of the IEA to try hard to release their own reserves.
It is noted that the IEA, which unites 31 countries, was established after the jump in oil prices in 1973 to ensure uninterrupted supply members by energy sources in case of emergencies.
Members of the group are concerned that US President Joe Biden is using strategic reserves to curb inflation in the country for political reasons, instead of using them to protect consumer countries from global supply disruptions, the agency said. plans to release a record 180 million barrels (1 million per day) from reserves on March 31, the day before IEA members were due to meet to discuss coordinated stockpiling. After meeting with US Secretary of Energy Jennifer Granholm, the IEA announced that it had agreed on volumes without specifying details. . In November, Washington said it would release 50 million barrels to curb rising prices due to a sudden resumption of pandemic demand.
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The Energy Agency (IEA) intends to release and supply 120 million barrels of oil over the next six months. This is the largest release of IEA reserves in the 47 years of the organization's existence.
