The US has said it is releasing 50 million barrels of oil from its reserves in an attempt to bring down soaring energy and petrol prices.

The move is being taken in parallel with other major oil-consuming nations, including China, India, Japan, South Korea and the UK.

US President Joe Biden has repeatedly asked the Opec group of oil-producing nations to boost output more rapidly.
It says it is concerned that a resurgence of coronavirus cases could drive down demand, as happened at the height of the pandemic.

Crude oil prices recently touched seven-year highs, amid a sharp uptick in global demand as economies recover from the coronavirus crisis.

It's driven up petrol prices and energy bills in many countries.

But Opec has stuck to an agreement to only increase production gradually.
In a statement the White House said: "American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand.

"That's why President Biden is using every tool available to him to work to lower prices and address the lack of supply."

As part of the coordinated effort, the UK government will allow firms to voluntarily release 1.5 million barrels of oil from privately-held reserves.

It said the action would support the global economic recovery but "any benefit for UK drivers is likely to be limited and short in nature".

India will release five million barrels, while South Korea, Japan and China will announce the amount and timing of their releases in due course.

'Not large enough'
Officials said it was the first time that the US had coordinated such a move with some of the world's largest oil consumers. But analysts questioned whether it would have much impact.

"It's not large enough to bring down prices in a meaningful way and may even backfire if it prompts Opec+ [which includes Russia] to slow the pace at which it is raising output," said Caroline Bain, chief commodities economist at Capital Economics.

But the effort by Washington to team up with other major economies to lower energy prices sends a warning to Opec and other big producers that they need to address concerns about high crude prices, which are up more than 50% this year

Opec+, which includes major producers such as Saudi Arabia and Russia, has repeatedly rebuffed requests to pump more oil at its monthly meetings, causing frustration in the US.

"We will continue talking to international partners on this issue," a senior US administration official told reporters on Tuesday.

"The president stands ready to take additional action if needed, and is prepared to use his full authorities working in coordination with the rest of the world."

ihatebuhari:
G-d bless America

G-d bless all the Christian nations

Revelation: 18. 1. And after these things I saw another angel come down from heaven, having great power; and the earth was lightened with his glory. 2. And he cried mightily with a strong voice, saying, Babylon the great is fallen, is fallen, and is become the habitation of devils, and the hold of every foul spirit, and a cage of every unclean and hateful bird. 3. For all nations have drunk of the wine of the wrath of her fornication, and the kings of the earth have committed fornication with her, and the merchants of the earth are waxed rich through the abundance of her delicacies. 4. And I heard another voice from heaven, saying, Come out of her, my people, that ye be not partakers of her sins, and that ye receive not of her plagues. 5. For her sins have reached unto heaven, and God hath remembered her iniquities. 6. Reward her even as she rewarded you, and double unto her double according to her works: in the cup which she hath filled fill to her double. 7. How much she hath glorified herself, and lived deliciously, so much torment and sorrow give her: for she saith in her heart, I sit a queen, and am no widow, and shall see no sorrow. 8. Therefore shall her plagues come in one day, death, and mourning, and famine; and she shall be utterly burned with fire: for strong is the Lord God who judgeth her. 9. And the kings of the earth, who have committed fornication and lived deliciously with her, shall bewail her, and lament for her, when they shall see the smoke of her burning, 10. Standing afar off for the fear of her torment, saying, Alas, alas, that great city Babylon, that mighty city! for in one hour is thy judgment come. 11. And the merchants of the earth shall weep and mourn over her; for no man buyeth their merchandise any more: 12. The merchandise of gold, and silver, and precious stones, and of pearls, and fine linen, and purple, and silk, and scarlet, and all thyine wood, and all manner vessels of ivory, and all manner vessels of most precious wood, and of brass, and iron, and marble, 13. And cinnamon, and odours, and ointments, and frankincense, and wine, and oil, and fine flour, and wheat, and beasts, and sheep, and horses, and chariots, and slaves, and souls of men. 14. And the fruits that thy soul lusted after are departed from thee, and all things which were dainty and goodly are departed from thee, and thou shalt find them no more at all.

15. The merchants of these things, which were made rich by her, shall stand afar off for the fear of her torment, weeping and wailing, 16. And saying, Alas, alas, that great city, that was clothed in fine linen, and purple, and scarlet, and decked with gold, and precious stones, and pearls! 17. For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off, 18. And cried when they saw the smoke of her burning, saying, What city is like unto this great city! 19. And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas, that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.

20. Rejoice over her, thou heaven, and ye holy apostles and prophets; for God hath avenged you on her. 21. And a mighty angel took up a stone like a great millstone, and cast it into the sea, saying, Thus with violence shall that great city Babylon be thrown down, and shall be found no more at all. 22. And the voice of harpers, and musicians, and of pipers, and trumpeters, shall be heard no more at all in thee; and no craftsman, of whatsoever craft he be, shall be found any more in thee; and the sound of a millstone shall be heard no more at all in thee; 23. And the light of a candle shall shine no more at all in thee; and the voice of the bridegroom and of the bride shall be heard no more at all in thee: for thy merchants were the great men of the earth; for by thy sorceries were all nations deceived. 24. And in her was found the blood of prophets, and of saints, and of all that were slain upon the earth.

Himtulie247:


https://www.bbc.com/news/business-59353194

Tranquility4u:
It's well. It's a welcome development.

OPEC, what's your next action plan?

FarahAideed:
Joe Biden the idiot will destroy America

thatsleepboy1:


If you read the true history of America, you'll surely know that G-D really blessed the work of his hands but the told their soul to rest that there was plenty to eat. G-D has deserted them and they'll soon be punished and theirs would be worst than others and all nations that ate and drank from/with them will run from them in the face of their calamity and they'll be left alone to face the wrath of G-D and they'll be forgotten in a hurry and be matched on easily like rags.

Evangelynn:


Keep quiet jaare

You think he is like your incompetent clueless Trump