Biden orders the withdrawal of one million barrels of oil per day from the reserve

Economy/International

31-03-2022, 18:34

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Baghdad-INA

The US President Joe Biden ordered the withdrawal of one million barrels of oil per day from the reserve .

The White House said in a statement that "President Biden has ordered the withdrawal of one million barrels of oil per day from the strategic reserve for a period of 6 months to reduce prices.".

He added , "Biden will call on Congress to pass his plan to accelerate the transition to clean energy alternatives to oil in order to reduce dependence on it.".

Immediately after this announcement, oil prices fell by more than 5%, and the price of Brent crude reached 107.65 dollars per barrel.