Saudi energy minister: It’s U.S. prerogative to draw on strategic oil reserves

Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday that it was up to the United States whether or not it would release more supply from strategic petroleum reserves.

President Joe Biden’s administration said in November it would release about 50 million barrels from its reserves in conjunction with other consumer nations, such as China, India and South Korea, to combat the rising cost of fuel.

Brent crude futures had gained 40 cents, or 0.5%, to $86.46 a barrel by 0641 GMT. Earlier in the session, the contract touched its highest since Oct. 2018 at $86.71.