The United States is selling 45 million barrels as part of a concerted plan to release crude oil reserves.

As part of a plan by President Joe Biden’s administration (the largest program to liberalize crude oil reserves), the US Department of Energy announced on Tuesday (June 24th) that it will transfer up to 45 million barrels of crude oil from its strategic reserves, according to Reuters from Washington. Offers global markets.

According to the US Department of Energy, this round of release of crude oil from strategic reserves will take place between August 16 and September 30.

In late March 2022, the Biden government announced that it would extract and sell one million barrels of crude oil a day for six months from its strategic stockpiled in a number of hollow salt caves off the coast of Louisiana and Texas.

The United States, along with several other countries, launched a coordinated program to liberalize strategic crude oil reserves to help curb rising global oil prices, but eventually, with the start of military conflicts between Ukraine and Russia and the imposition of Western sanctions on Moscow, commodity prices Strategically increased.

Brent crude has risen above $ 120 a barrel since March 31, the announcement of the release of strategic reserves, at a time when few of the world’s oil producers have oversupply and consumer demand. With the release of the crisis, the prevalence of coronavirus for fuel is increasing.

Biden government officials have said that if strategic reserves were not used, oil prices would be even higher than they are today, but the liberalization program has pushed stocks back to their lowest level since 1987 and heightened concerns about global supply constraints. This means that the United States has more than the amount required under international storage agreements.

Provided by: MohammadSadegh Razmi