The US government is in talks with oil-producing and consuming countries to address high oil prices, White House spokeswoman Jen Psaki said yesterday, adding that all options remain open.
“With the oil-producing countries, we are talking about proposed production increases. With the oil-consuming countries, we are talking about the release of quantities of oil from their strategic reserves,” Psaki told reporters.
In November, the United States announced plans to release 50 million barrels of crude oil from US Strategic Stocks to help balance oil prices, which are just below a seven-year high.
Asked if there would be further decommissioning of oil from strategic reserves in co-operation with other countries, Psaki added: “All options remain on the table.”
She added: “No one can limit the mood at the expense of the American consumer, especially as the recovery from the pandemic continues and all oil producers around the world can produce at levels that meet demand, reducing high prices “.
Source: Capital
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