Commodities News

U.S. to release 30 million barrels of oil, aims to end ‘weaponization’ of Russian oil

WASHINGTON (Reuters) -The United States vowed on Tuesday to release 30 million barrels of oil as part of a global 60 million barrel pledge in an effort to shore up energy markets amid the ongoing Russia invasion of Ukraine, and said it could take further steps as needed.

“We are prepared to use every tool available to us to limit disruption to global energy supply as a result of (Russian) President (Vladimir) Putin’s actions,” White House spokeswoman Jen Psaki said in a statement.

“We will also continue our efforts to accelerate diversification of energy supplies away from Russia and to secure the world from Moscow’s weaponization of oil and gas,” the statement added.

The United States and 30 member countries of the International Energy Agency agreed to release 60 million barrels of oil from their strategic reserves to stabilize global energy markets, the U.S. Department of Energy said in a separate statement.

“We stand prepared to take additional measures if conditions warrant,” U.S. Energy Secretary Jennifer Granholm said.

Source : Reuters

© Reuters. FILE PHOTO: A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson

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