US Asks Japan, China, Others to Consider Releasing Oil Reserves

OPEC and other producers including Russia, known collectively as OPEC+, have been adding around 400,000 bbl/d to the market on a monthly basis, but have resisted Biden’s calls for more rapid increases.

Trevor Hunnicutt, Jarrett Renshaw and Timothy Gardner, Reuters

The Biden administration has asked some of the world’s largest oil consuming nations—including China, India and Japan—to consider releasing crude stockpiles in a coordinated effort to lower global energy prices, according to several people familiar with the matter.

The unusual request comes as U.S. President Joe Biden fends off political pressure over rising pump prices and other consumer costs driven by a rebound in economic activity from lows plumbed early in the coronavirus pandemic.

It also reflects U.S. frustration with members of OPEC and its allies who have rebuffed repeated requests from Washington to speed up their production increases.

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