Biden threatens biggest emergency oil reserve draw, Brent slips over 5%
The Biden administration is weighing a plan to release roughly a million barrels of oil a day from US reserves, for several months, to combat rising gasoline prices and supply shortages following Russia’s invasion of Ukraine, according to people familiar with the matter.
The total release may be as much as 180 million barrels, the people said, speaking on condition of anonymity ahead of an official move. Oil prices dipped to over 5 per cent.
Russian President Vladimir Putin said that ‘unfriendly’ countries, including all EU members, will need to set up ruble accounts to pay for gas deliveries from April.
Western countries have piled crippling sanctions on Moscow since it moved troops into Ukraine, including the freezing of its foreign currency reserves.
