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U.S. to announce oil release as soon as Tuesday -Bloomberg

MarketWatch

oil storage tanks

Reporting by Tim Gardner, Jeff Mason / Reuters

WASHINGTON
Petroleumworld 11 22 2021

U.S. President Joe Biden is preparing to announce the release of oil from the nation’s Strategic Petroleum Reserve in concert with several other countries as soon as Tuesday, Bloomberg reported on Monday, citing multiple unnamed sources.

The Biden administration has asked a wide range of countries, including China, to consider releasing stocks of crude. The White House has also repeatedly pressed the OPEC producer group - which plans to meet on Dec. 2 - to maintain adequate global supply. read more

Oil prices rose on Monday on reports that OPEC+ could reassess its output. read more

Bloomberg, citing sources familiar with the pending announcement, said this week's likely move would probably be coordinated with similar action by India, Japan and South Korea,

Officials at the White House and U.S. Department of Energy did not immediately reply to requests for comment on the report.

______________________________________

Reporting by Tim Gardner, Jeff Mason in Washington; additional reporting by Ismail Shakil in Bengaluru; writing by Susan Heavey, editing by Mark Heinrich from Reuters.

reuters.com 11 22 2021

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