kyiv.Ukraine.Ukraine Gate – November 23,2021- Oil prices fell on Tuesday, November 23, in anticipation of a possible announcement that the United States, India, Japan and South Korea would begin selling fuel from strategic reserves (SPR).
The price of a barrel of Brent oil in January before 9.15 in Kiev was $79.03 (-0.84%). A barrel of West Texas Intermediate oil for January was trading at $75.89 (-1.12%). The initial trading in the benchmarks ended at $79.7 and $76.75, respectively.
US President Joe Biden plans to announce a decision to use oil from the country’s strategic reserves, an informed source in the administration said. The official announcement may take place earlier on Tuesday, and India, Japan and South Korea are likely to announce similar measures at the same time as the United States.
In total, the United States can use more than 35 million barrels of oil from strategic reserves. But this assessment is preliminary.
International Energy Forum (IEF) Secretary-General Joseph McMonigle said on Monday that OPEC + countries would adhere to their current plans to increase oil production, but it is possible that these plans will change in the event of unforeseen factors such as the release of strategic reserves or new penalties. pandemic.
