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China, India, Japan, South Korea and the UK are also expected to announce the release of the illegal warehouses.
Oil prices plummeted after the US announced that it had been released from its emergency warehouse – in collaboration with many consumers around the world – to reduce oil prices and reduce inflation.
The world’s largest economy is declining its value in the Strategic Petroleum Reserve after electricity prices have risen for years, it is a global crisis that is fueling a growing oil market. China, India, Japan, South Korea and the UK have also announced, according to the White House.
Last month, US President Joe Biden urged other oil-producing countries to use their oil reserves after the OPEC + agreement rejected a request to increase production. The US will issue 50 million barrels, of which 18 million will accelerate pre-approved trade, while 32 million will be exchanged in the coming months.
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