U.S. to release 50 mil. barrels of oil from reserves in coordination with S. Korea and other nations

Описание: 美, 비축유 5000만 배럴 방출… 한•일•인도 동참

The Biden administration has announced the United States will release millions of barrels of oil reserves... in a bid to slow the rapid rise in fuel prices.
South Korea is joining the U.S.-led move... along with other major oil-consuming nations.
Bae Eun-ji has more.
With gas prices last month soaring to a 7-year-high,... the U.S. is rolling up its sleeves in an effort to bring the price down.
The White House said Tuesday local time that it will release 50 million barrels of oil from its reserves... as part of a global effort to bring down soaring energy prices.
The move is being taken in coordination with other major oil-consuming nations,... including South Korea, China, Japan, India and the UK.
South Korea's ministry of energy and foreign affairs said in a joint statement that it has decided to accept the U.S.' request,... considering the rapid rise in global oil prices, the importance of the U.S.-Korea alliance and the participation of other major countries.
The ministries added further details regarding the amount and timing have not been decided yet,... but said it is likely to be similar to the level previously released by the nation at the request of the International Energy Agency in 2011... when Libya's oil production was disrupted by civil unrest.
The government said that in this case, under IEA standards... there is enough domestic oil reserve to last for over a hundred days... so it will not affect the domestic oil supply even in an emergency scenario.
The global move comes after the OPEC group of oil-producing nations including Saudi Arabia and Russia, repeatedly ignored calls from U.S. President Joe Biden, asking to rapidly boost production.
OPEC stuck to an agreement to only increase production gradually,... saying it is concerned about a resurgence of COVID-19 cases driving down demand,... as happened at the peak of the pandemic.
Bae Eun-ji, Arirang News.

#oil_reserves #White_House #oil_price

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2021-11-24, 08:00 (KST)