US to release 50 mln barrels of oil from emergency reserve: White House
It was the first time the United States has coordinated releases with some of the world's largest oil consumers
An oil storage tank and crude oil pipeline equipment is seen during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File Photo
The United States will release 50 million barrels of crude from the US Strategic Petroleum Reserve to help cool oil prices, that will start hitting the market in mid-to late-December, the White House said on Tuesday.
The release, will take the form of a loan and a sale, and was being in made concert with other releases from strategic reserves by China, India, South Korea, Japan and Britain, senior Biden administration officials said.
It was the first time the United States has coordinated releases with some of the world's largest oil consumers, the officials said.
Keep updated, follow The Business Standard's Google news channel
