US President Joe Biden has announced the release of one million barrels of crude oil every day for the next six months from the Strategic Petroleum Reserve (SPR), the largest such release from the United States stockpile in history.The move comes as oil prices have spiked since Moscow’s invasion of Ukraine on February 24 and subsequent sanctions slapped on Russia by the US and its allies.The latest amount of US oil release would make 180 million barrels available – or the equivalent to about two days of global demand – and marks the third time the US has tapped the SPR in the past six months.
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