A landmark decision by President Joe Biden! USA will release 180 million barrels of crude oil from strategic reserves.
One million barrels will be made available every day for six months. As a result, this will partially satisfy the US demand for oil and make the fuel cheaper.
The US also intends to increase oil production by putting pressure on producers. They will have to pay for each unused license. The US move aims to curb inflation, which is influenced by, inter alia, rising oil.
Joe Biden says that Vladimir Putin is using oil as a weapon, and the release of reserves will cause prices to fall. After the announcement of the US decision, the price fell by more than 4 percent and further drops are forecasted.
