As per reports: US asks India, China, others to consider tapping oil reserves

0
16

The administration under Biden has questioned some of the world’s largest nations that are consumers of oil which includes India, Japan, and China to consider releasing crude stockpiles in an effort to bring down global energy prices according to a few people familiar with the matter.

The unusual request comes as Joe Biden, the president of the US fends off the pressure from politics over the rising prices and other costs by consumers driven by a rebound in the activity of the economy from lows plumbed early in the COVID-19 pandemic.

Also Read: Decision of OPEC+ Released; State Refineries Asked to Diversify Crude Oil Suppliers

It also shows the frustration of the US with members of the Organization of the Petroleum Exporting Countries and its allies who have been requesting repeatedly from Washington to increase their production.

One of the sources said that “We’re talking about the symbolism of the largest consumers of the world sending a…

Read more…