THE President of the United States, Joe Biden, called on some of the countries with the highest oil consumption to consider releasing some of their crude oil reserves in a coordinated effort to reduce prices and stimulate economic recovery.
World oil prices hit a seven-year high in late October, as much of the population resumed road and rail transport after the pandemic was lifted, while supply kept pace with demand. The revelation was made by the news agency Reuters.
THE OPEC and allied producers, including Russia, have resisted his appeals Joe Biden to accelerate the growth rate of their supply.
In recent weeks, the American Pipresident as well as his top advisers have raised the issue with close allies and non-allies, such as the Japan, the South Korea, the India, even the China, said the same source.
The sources stressed that such negotiations have not been finalized, nor has any final decision been taken on whether this option or any other course of action on oil prices will continue.
THE White House declined to comment on the detailed content of specific talks with other countries. “No decision has been made,” said a spokesman White House National Security Council.
The spokesman stressed that White House states for weeks that “it is talking to other energy consumers to ensure that global energy supply and prices do not jeopardize the global economic recovery. “There is nothing to say other than the ongoing talks and we are looking at a number of tools on whether and when we need to take action.”
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