US seeks to withdraw 50 mln barrels from strategic oil reserves

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The White House announced that the United States will withdraw 50 million barrels from its strategic oil reserves, in coordination with China, Japan, India, South Korea and Britain.

According to a statement from the White House, the US President stands ready to take additional action if necessary, and is prepared “to use his full powers in coordination with the rest of the world to ensure adequate supplies are available as we recover from the pandemic”.

Previously OPEC+ ignored the White House's demands to boost production and decided at the beginning of this month to maintain the supply policy, which includes an increase in production by 400,000 barrels per day (bpd) in December, without change.

OPEC and its allies are currently studying the reassessment of plans to increase oil supplies in the event that oil-consuming countries withdraw their strategic reserves, Bloomberg recently reported.