AGL 38.00 Increased By ▲ 0.06 (0.16%)
AIRLINK 197.50 Increased By ▲ 3.59 (1.85%)
BOP 9.56 Increased By ▲ 0.24 (2.58%)
CNERGY 5.96 Increased By ▲ 0.12 (2.05%)
DCL 8.87 Increased By ▲ 0.19 (2.19%)
DFML 35.65 Decreased By ▼ -0.81 (-2.22%)
DGKC 97.50 Increased By ▲ 4.96 (5.36%)
FCCL 35.30 Increased By ▲ 1.33 (3.92%)
FFBL 89.00 Increased By ▲ 6.70 (8.14%)
FFL 13.21 Increased By ▲ 0.46 (3.61%)
HUBC 127.70 Increased By ▲ 7.09 (5.88%)
HUMNL 13.49 Decreased By ▼ -0.11 (-0.81%)
KEL 5.38 Increased By ▲ 0.16 (3.07%)
KOSM 7.00 Increased By ▲ 0.48 (7.36%)
MLCF 45.00 Increased By ▲ 2.89 (6.86%)
NBP 61.90 Increased By ▲ 2.09 (3.49%)
OGDC 215.50 Increased By ▲ 4.33 (2.05%)
PAEL 39.05 Increased By ▲ 1.47 (3.91%)
PIBTL 8.24 Increased By ▲ 0.17 (2.11%)
PPL 192.40 Increased By ▲ 2.08 (1.09%)
PRL 38.57 Increased By ▲ 0.40 (1.05%)
PTC 25.80 Increased By ▲ 2.35 (10.02%)
SEARL 105.98 Increased By ▲ 8.04 (8.21%)
TELE 8.28 Increased By ▲ 0.06 (0.73%)
TOMCL 35.25 Increased By ▲ 0.22 (0.63%)
TPLP 13.40 Decreased By ▼ -0.15 (-1.11%)
TREET 22.29 Decreased By ▼ -0.44 (-1.94%)
TRG 55.99 Increased By ▲ 3.12 (5.9%)
UNITY 33.00 Increased By ▲ 0.04 (0.12%)
WTL 1.62 Increased By ▲ 0.10 (6.58%)
BR100 11,739 Increased By 355.4 (3.12%)
BR30 36,418 Increased By 1206.5 (3.43%)
KSE100 109,513 Increased By 3238.2 (3.05%)
KSE30 34,513 Increased By 1160.1 (3.48%)

WASHINGTON: The United States said on Tuesday it would release 50 million barrels of oil from strategic reserves in a coordinated move with China, India, South Korea, Japan and Britain to cool prices after OPEC+ producers rebuffed calls for more crude.

The White House issued the statement after a source in the US administration said Washington had been hashing out a plan with major Asian energy consumers to drive down prices from near three-year highs. Britain had not previously been mentioned.

US President Joe Biden, facing low approval ratings amid rising inflation ahead of next year's congressional elections, has repeatedly called on the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to pump more oil.

But the group has rebuffed the requests, as members have already been struggling to meet its existing targets for production increases and amid fears a resurgence of coronavirus cases could once again drive down demand.

US set to unveil emergency oil release in bid to fight high prices

The release from the US Strategic Petroleum Reserve would be in the form of a loan sale to companies, which must return the crude at a later date, and was the first time the United States had coordinated a release with some of the world's largest oil consumers, US officials said.

OPEC+ states, including US allies in the Gulf, meet again on Dec. 2 to discuss policy but have shown no sign of any change in tack to heed US calls.

The unprecedented effort by Washington to team up with major Asian economies to lower energy prices sends a warning to OPEC and other big producers that they need to address concerns about high crude prices, up more than 50% so far this year.

An OPEC+ source, speaking before the group's December meeting, said a release from reserves would complicate the maths for OPEC+, as it monitors the market on a monthly basis.

Suhail Al-Mazrouei, energy minister of the United Arab Emirates, one of OPEC's biggest producers, said earlier Tuesday he saw "no logic" in increasing UAE supply to global markets.

Comments

Comments are closed.