URGENT: U.S. to release oil from reserves with Japan, China, other countries

Politics Economy

The United States will release 50 million barrels of oil from its strategic reserves in coordination with other major energy consuming countries such as Japan and China to address rising global oil prices, the White House said Tuesday. "This culminates weeks of consultations with countries around the world, and we are already seeing the effect of this work on oil prices," the administration of President Joe Biden said, adding that the United States stands ready to take additional actions if needed.

Kyodo News

Kyodo News