The Biden administration plans to deplete America’s Strategic Petroleum Reserve (SPR) by 26 million barrels this fiscal year after a 180 million sale last year, effectively pushing the reserves to its lowest level in four decades.
US President Joe Biden on Thursday announced to release 1 million barrels of oil per day from the nation s strategic petroleum reserve for the next six months as part his efforts to keep the oil prices under control which have been spiralling in the aftermath of the Russian invasion of Ukraine.
As oil prices dived on news that the US was considering record release from the reserves, India on Thursday said it supports the initiative to let out from the strategic stockpile to cool rising oil prices.