The White House announced on Tuesday (23rd) that it will release 50 million barrels of strategic reserve (SPR) and coordinate the release with China, Japan, India, South Korea and the United Kingdom in response to the rapid rise in energy prices.
When the news was released, international oil prices rose in the short-term. Brent crude oil futures rose 0.2% to a temporary value of 79.84 US dollars, and West Texas Intermediate (WTI) crude oil futures fell 0.4% to 76.42 US dollars.
The White House stated that 32 million barrels of oil will be released in the next few months and will accelerate the release of 18 million barrels previously authorized by Congress. A White House official said that action will be launched as early as mid to late December.
The White House also said that if necessary, US President Biden is ready to take additional actions at any time and try his best to cooperate with other parts of the world to maintain ample oil supply.
After OPEC+ refused to further increase production, the United States, China, India, Japan and other countries collectively released the decision of SPR, which also symbolized the diplomatic victory of the United States against Saudi Arabia, Russia and other OPEC+ member states.
