The U.S. is releasing 50 million barrels of oil from its reserves in an attempt to bring down soaring energy & petrol prices globally.
More details🧐 U.S. President Joe Biden has repeatedly asked the OPEC+ group of oil-producing nations to boost output more rapidly. But OPEC+ has stuck to an agreement to only increase production gradually. The coordinated release between the U.S., India, China, Japan, Republic of Korea & the United Kingdom is the first such move of its kind.
What is OPEC+🤨 OPEC stands for Organization of the Petroleum Exporting Countries. OPEC+ controls over 50% of global oil supplies & about 90% of proven oil reserves.
Why is this important🤔 The release is aimed at addressing the lack of oil supply around the world, but its actual effect may be limited. President Biden said, “it will take time, but before long, you should see the price of gas drop, & in the longer term, we will reduce our reliance on oil as we shift to clean energy.”
