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Biden threatens biggest emergency oil reserve draw, Brent slips over 5%

Russian President Vladimir Putin said that 'unfriendly' countries, including all EU members, will need to set up ruble accounts to pay for gas deliveries from April

Ukraine
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A resident walks around rubble from Russian shelling as the war reaches its fifth week PHOTO: AP/PTI

Agencies
The Biden administration is weighing a plan to release roughly a million barrels of oil a day from US reserves, for several months, to combat rising gasoline prices and supply shortages following Russia’s invasion of Ukraine, according to people familiar with the matter.

The total release may be as much as 180 million barrels, the people said, speaking on condition of anonymity ahead of an official move. Oil prices dipped to over 5 per cent. 

Russian President Vladimir Putin said that ‘unfriendly’ countries, including all EU members, will need to set up ruble accounts to pay for gas deliveries from April.

Western countries

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First Published: Mar 31 2022 | 11:38 PM IST

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