WASHINGTON, Nov 19 — Governments from some of the world’s biggest economies said they were looking into releasing oil from their strategic reserves, after a rare US request for a coordinated move to cool global energy prices ahead of a meeting of major oil-producing nations.a wide range of countries, including China for the first time, to consider releasing stocks of crude, the White House said yesterday.
Opec nations, for their part, have said that world economies remain too fragile to warrant increasing supplies quickly. With gasoline prices and other costs rising, Democratic US President Joe Biden also faces political pressure ahead of midterm congressional elections next year. A Reuters poll in October showed 67 per cent of US adults agreed that inflation is a very big concern.
This week, Secretary General Mohammad Barkindo said Opec expects an oil supply surplus to begin building next month.“This is not a case of supplies not being available,” Hardeep Singh Puri, India’s oil minister, told a conference in Dubai on Wednesday. “There are 5 million barrels a day of supplies available which have not been released for whatever reason.”
Opec+ in April 2020 cut output by more than 10 million barrels a day in response to the swift spread of the coronavirus pandemic.it was working on a release of crude oil reserves, but declined to comment on the US request.
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