Asia Looks to Release Oil Reserves after US Request

The Biden administration has asked big oil buyers including India, Japan and China for the first time to consider releasing stocks of crude.

Heekyong Yang and Aaron Sheldrick, Reuters

The world's biggest economies said on Nov. 18 they were looking into releasing oil from their strategic reserves, following a rare request from the United States for a coordinated move to cool global energy prices.

The U.S. move reflects frustration with the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia who have rebuffed Washington's requests to speed up oil production as the world economy rebounds from the pandemic.

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