The US is expected to release 15 million barrels of oil from its strategic reserve. The move is in response to production cuts recently announced by OPEC+ countries. The December tranche will be the last of a program announced in the spring by President Joe Biden to release a total of 180 million barrels to deal with a sharp rise in prices due to Russia’s invasion of Ukraine.
Thus, the strategic reserve of the United States will remain at about 400 million barrels of oil, which is its lowest level in nearly 4 decades.
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