Russia-Ukraine conflicts: UK agrees to join US in oil reserves release
The UK will join the US in releasing more oil from its reserves as part of a joint effort to lower prices and reduce reliance on Russian supplies, two people familiar with the matter said.
US President Joe Biden on Thursday said his plans to release a million barrels of oil a day for six months would lay the foundations for the US to achieve energy independence from foreign suppliers.
Member countries of the International Energy Agency committed to another coordinated oil release in an extraordinary meeting on Friday, according to Japan’s industry ministry. For comparison, a month ago, IEA members agreed on a 61.7-million barrel release, with 30 million coming from the US and 2.2 million from the UK.
