Oil quotes end the week with the sharpest decline in two years

At the call of the US President, 30 countries decided to saturate the market with oil using their reserves. As a result, a tangible change in prices for this type of raw material, oil quotes fell sharply by the end of the week.

On April 1, US President Joseph Biden announced that more than 30 countries were joining the campaign to saturate the market with oil, in order to achieve lower prices for this energy resource:

“I coordinated this move with allies and partners around the world. This morning, more than 30 countries around the world gathered for an emergency meeting and agreed to release tens of millions of additional barrels of oil to the market.”

As writes “European Truth”, Biden said at the White House that the states acted as a united front to prevent the Russian Federation from “turning energy resources into weapons” against the United States, European and other countries. He called the current release of fuel from the US strategic reserve the largest in American history and said his administration is working with US oil producers to increase its production.

Earlier Thursday, US President Joe Biden said he had decided to send US strategic reserve an average of 1 million barrels of oil per day over the next six months. He noted that prices will largely depend on how much oil from strategic reserves the US allies agree to release. Biden suggested that they could allocate 30-50 million barrels.

Against the backdrop of Biden’s calls and the response of 30 countries, oil quotes end the week with the sharpest decline in two years: since the beginning of last week, Brent has fallen in price by more than 10%, WTI – by 12%.

Earlier, US President Joe Biden said that Washington bans import of oil, gas and electricity from Russia. In his opinion, the US understands that allies in Europe will not be able to join this ban.

Source link