The United States has once again managed to create a strong coalition and have a profound impact on the global oil market. More than 30 nations responded to the call of US President Biden to release oil from strategic reserves. Eventually, tens of millions of barrels of crude hit the market.
“Over 30 countries from across the world convened in an extraordinary meeting and agreed to the release of tens of millions of additional barrels of oil onto the market,” Biden shared the news, speaking at the White House.
Nations have come together to stop Russia from weaponizing their energy resources, the American leader asserted. The US became the first country to commit to tapping a record amount of oil from its strategic reserves – a million barrels a day for the next several months. Other nations have now joined in.
The White House is aware that not all allies will follow suit. For example, the European Union is still struggling to find alternatives to Russian energy. Therefore, it will have to continue cooperating with Russian producers. Although if the EU abandoned Russian commodities, it would somewhat change current global developments. Biden also revealed that his plan should ease the burden on American households due to rising fuel prices and strengthen the energy independence of the US.
