US President Biden identified the main culprits for the high energy prices in the OPEC oil exporters.
(Photo: Bloomberg)
Zurich In the conflict between the USA and the OPEC oil exporting states over high oil prices, the signs point to confrontation: The USA has decided to release crude oil from the country’s strategic oil reserve in order to depress prices.
The White House announced on Thursday that it would throw 50 million barrels of oil on the market. The reason given was that the goal was “to lower prices for Americans and to address the imbalance between demand for the pandemic and supply.”
The move is being made in consultation with similar measures in China, India, South Korea, Japan and the UK. Identical market rumors and media reports have ensured that oil prices have fallen significantly in the past few days.
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