WASHINGTON: In coordinated efforts to control soaring oil prices, major economies like India, US, China, Japan, South Korea and Britain on Tuesday decided to release millions of barrels of oil from their respective strategic reserves after Opec+ producers repeatedly ignored calls for more crude.
\nUS President Joe Biden, facing low approval ratings amid rising inflation ahead of next year’s congressional elections, has repeatedly asked the Organization of the Petroleum Exporting Countries (Opec) and its allies, known as Opec+, to pump more oil.
\nTuesday’s announcement that the US would release 50 million barrels was made after an official said Washington had approached major Asian energy consumers to help to drive down oil prices from near three-year highs. Britain had not previously been mentioned as being involved.
\nIt was the first time Washington had coordinated such a move with some of the world’s largest oil consumers, officials said.<\/p>\n","protected":false},"excerpt":{"rendered":"
WASHINGTON: In coordinated efforts to control soaring oil prices, major economies like India, US, China, Japan, South Korea and Britain on Tuesday decided to release millions of barrels of oil from their respective strategic reserves after Opec+ producers repeatedly ignored calls for more crude. US President Joe Biden, facing low approval ratings amid rising inflation ahead of next year’s congressional elections, has repeatedly asked the Organization of the Petroleum Exporting Countries (Opec) and its allies, known as Opec+, to pump more oil. Tuesday’s announcement that the US would release 50 million barrels was made after an official said Washington had […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-451468","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/451468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=451468"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/451468\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=451468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=451468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=451468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}