Pak Sahafat – Reuters quoted an informed source as saying that the Biden administration is considering selling more than 30 million barrels of US strategic oil reserves to stabilize global markets.
According to an Pak Sahafat News agency report on Saturday by Reuters, Global oil reserves have been at their lowest level since 2014, and oil prices have continued to rise following Russia’s invasion of Ukraine and sanctions on its oil and gas exports.
According to Reuters, US officials weigh heavily on factors such as the amount of Russian oil sold on world markets, the definitive scope of the Caspian consortium pipeline, which carries about one percent of the world’s oil, and light missiles on Saudi Arabia’s oil reserves. According to the informed official, it will be clear on Monday or Tuesday this week whether there is a need to supply more US strategic reserves or not.
Brent North Sea crude rose to more than $ 119 a barrel on Friday after Yemeni Ansarullah attacked Saudi oil facilities.
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US Secretary of Energy Jennifer Granholm said last Thursday that the United States and its allies were discussing the possibility of coordinated supply of strategic oil reserves to calm the market.
Earlier this month, WTO members agreed to release more than 60 million barrels of their reserves, of which 30 million barrels went to US reserves.
According to the US Energy Information Administration, the country’s oil reserves last week fell by 4.2 million barrels to 571.3 million barrels, the lowest level since May 2002.