Oil-Consuming Nations Mulling Joint Release of Oil Reserves

Politics Economy

Washington, Nov. 20 (Jiji Press)--Major oil-consuming countries are considering releasing oil reserves in joint operations in response to soaring crude oil and gasoline prices.

Concerned about a possible slowdown of the world economy, the administration of U.S. President Joe Biden has asked Japan, China and other countries to release part of their oil reserves, aiming to lower oil prices through increasing supplies temporarily.

By having China, the biggest crude oil importer, participate in the planned joint scheme, the Biden administration is apparently intending to prompt oil-producing countries to increase oil output.

If the United States and China act in concert, that would be a very rare case at a time when the two countries remain at odds over a myriad of difficult issues.

Key U.S. crude oil futures prices hit a seven-year high in October on the back of growing demand reflecting the economic recovery from the slump caused by the novel coronavirus pandemic.

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Jiji Press