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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / US Announces Emergency Release Of 30 Mln Barrels Of Oil (160 Views)
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US Announces Emergency Release Of 30 Mln Barrels Of Oil by nurudeen181(m): 5:44am On Mar 02, 2022 |
The move follows a joint International Energy Agency (IEA) meeting in
which the US and 30 other member-nations agreed on the release of
60 million barrels of oil from the nation's emergency reserves.
Sanctions-related disruptions to Russian oil trade have created a
market "under threat" that demands global attention, the group says.
US President Joe Biden has authorized Washington to release 30
million barrels of oil from strategic petroleum reserves in an effort to
stabilize global energy markets disrupted by the military attacks in
Ukraine, US Secretary of Energy Jennifer Granholm said in a Tuesday
evening statement.
"Today, I chaired an emergency ministerial meeting of the [IEA] ...
where the United States and 30 other member countries, supported by
the European Commission, agreed to collectively release an initial 60
million barrels of oil from strategic petroleum reserves," Granholm
wrote. "This decision reflects our common commitment to address
significant market and supply disruptions related to President Putin’s
war on Ukraine."
The IEA reportedly considered releasing up to 70 million barrels of oil
during the emergency discussions.
" In line with this decision, President Biden authorized me to
make an initial commitment on behalf of the United States of
30 million barrels of oil to be released from the Strategic
Petroleum Reserve," Granholm said.
Washington is committed to blocking Putin from "attempts to
weaponize energy supplies" and will continue the advancement of
"ongoing efforts to accelerate Europe's diversification of energy
supplies away from" Moscow, the US energy secretary noted.
The US believes modern-day investment in clean energy is useful in
reducing domestic and international dependence on Russian oil and
gas, particularly as a means to safeguard energy supplies from
"volatile prices and markets."
Granholm noted that the US backs "ambitious" clean energy goals,
such as the pursuit of a net-zero emissions economy by 2050— a
timeline that has been panned as insufficient by many climate experts.
At the same time, critics of the Biden administration have argued that
Washington's progressive climate change policies have contributed to
a decline in US energy production and the present energy situation.
The US announcement comes shortly after the Paris-based
International Energy Agency (IEA) approved the release via an
emergency meeting, amounting to the fourth instance the group has
moved to tap into its emergency stockpiles. This particular release
comes second to the IEA's release amid the first Gulf War in 1991.
A hike in oil prices, as well as a commercial inventory drought rivaling
the lows of 2014, comes as the US, Japan, and European IEA countries
seek to send a "unified message" to oil producer Russia regarding
what they refer to as its "special operation" in Ukraine.
Crude oil traded above $100 a barrel on Tuesday , with price spikes
that represented eight-year highs. , prices
were sitting at $106 a barrel (up 8.1% that day) following the IEA
announcement. |
Re: US Announces Emergency Release Of 30 Mln Barrels Of Oil by nurudeen181(m): 5:45am On Mar 02, 2022 |
they made the sanctions. they are feeling it hard 2 Likes |
Re: US Announces Emergency Release Of 30 Mln Barrels Of Oil by ObamaMessi: 6:20am On Mar 02, 2022 |
Putin must pay for this |
(1) (Reply)
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