US to release 50 million barrels of oil to ease energy costs

United States President Joe Biden has ordered 50 million barrels of oil released from the strategic reserve to help bring down energy costs.

The move on Tuesday was done in coordination with other major energy-consuming nations, including China, India, the United Kingdom, Japan and South Korea, the White House said.

A senior administration official told reporters the releases would start in mid to late December, and that further intervention was possible to steady the market as the US government continues to respond “to a once-in-a-century pandemic”.

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