The US to release 50 million barrels of oil from the emergency reserve

The US to release 50 million barrels of oil from the emergency reserve

President Joe Biden on Tuesday ordered 50 million barrels of oil released from the strategic reserve to help bring down energy costs.

The release, will take the form of a loan and a sale, and was being in made concert with other releases from strategic reserves by China, India, South Korea, Japan, and Britain, senior Biden administration officials said.

It was the first time the United States has coordinated releases with some of the world’s largest oil consumers, the officials said.

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