[Washington, 17th Reuters]-The Biden administration urges some oil-intensive countries to consider releasing oil reserves as a coordinated effort to lower prices and boost economic recovery. bottom. Several sources have revealed.
Crude oil prices hit a seven-year high in late October. Crude oil demand has almost recovered to pre-pandemic levels, but supply has not caught up.
OPEC Plus, which consists of the Organization of Petroleum Exporting Countries (OPEC) and non-member oil-producing countries such as Russia, is a ministerial-level meeting held in early November, and is currently planning to reduce the range of coordinated production cuts by 400,000 barrels per day. Was agreed to be maintained in December. The United States called for an additional production increase, but it was not accepted.
The US administration has raised the issue with allies such as Japan, South Korea and India and China in recent weeks, according to people familiar with the matter.
The White House declined to comment on the details of specific consultations with other countries. A spokesman for the White House’s National Security Council said “nothing has been decided.”
In addition, the White House has explained in recent weeks that it is “in talks with energy consuming countries so that global energy supplies and prices do not hinder the recovery of the global economy,” in case action is needed. He said he was considering various means.