Biden orders release of 50 million oil barrels from emergency reserves to reduce prices, challenging Opec+

The US will release 50 million barrels of crude from its strategic reserves in coordination with China, Japan, India, South Korea and the UK in an unprecedented, coordinated attempt by the world’s largest oil consumers to tame prices that could prompt a backlash by Opec+.Of that amount, 32 million will be released from the US Strategic Petroleum Reserve as an exchange over several months, while 18 million will be as an accelerated release from previously authorised sales, the White House said…