After the OPEC + countries decided to cut output by two million barrels per day at their most recent meeting, White House economic adviser Brian Dees stated that Washington is considering withdrawing from the strategic oil reserve.
Given that the OPEC+ decision to reduce production is “disappointing,” he emphasised that there is still a significant problem with the lack of oil supplies.
After the OPEC + countries announced plans to cut oil output, US President Joe Biden said today, Thursday, that he is reviewing the choices available, a decision he also called as “disappointing,” according to what was reported by “Reuters”.
In view of the increase in oil costs, it is significant that the Biden administration had urged OPEC to raise production.
In July, the Biden administration made an additional 20 million barrels of oil from the Strategic Petroleum Reserve available for sale as part of a previously announced plan to lower oil prices that had risen as a result of the Russian invasion of Ukraine and a rebound in demand following the Corona virus pandemic.
A million barrels of oil per day for six months would be released from the Strategic Petroleum Reserve, which is located off the shores of Texas and Louisiana, according to a late March announcement from Washington.
The White House: A new withdrawal from the strategic oil reserve is being looked into.
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