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US set to release oil from reserve, will partner with India and others

The move, likely in conjunction with India, Japan and South Korea, would be an unprecedented effort by major oil consumers to tame prices.

The amount of crude production that OPEC  theoretically holds offline is based on questionable figures. (Photo: Bloomberg)
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OPEC+ countries rebuff US calls to significantly boost production.. (Photo: Bloomberg)

Annmarie Hordern, Ari Natter and Jennifer A. Dlouhy | Bloomberg
President Joe Biden is preparing to announce a release of oil from the nation’s Strategic Petroleum Reserve in concert with several other countries as soon as Tuesday, according to people familiar with the plan.

The move, likely in conjunction with India, Japan and South Korea, would be an unprecedented effort by major oil consumers to tame prices after OPEC+ countries rebuffed U.S. calls to significantly boost production. China said it’s working to release some oil from its strategic reserves, days after the U.S. invited it to participate in a joint sale. 

The situation remains in flux and the plans could change but

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First Published: Nov 23 2021 | 6:17 AM IST

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