December 9, 2021

Beyond Going Long

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Britain releases oil from strategic reserves

The United States will release 50 million barrels of oil from strategic reserves.

To reduce pressure on energy prices, the British government allowed domestic oil companies to release 1.5 million barrels (1 barrel = 159 liters) of oil from their strategic reserves.

British cooperation with the United States

A spokesman for the British Prime Minister said the move was part of a concerted international effort. The United States announced Tuesday that it will release 50 million barrels of oil from strategic reserves.

“We will work closely with international partners such as the United States to do what we can to support the global economy during this post-epidemic transition,” the spokesman said.

“That’s why we joined other US-led countries like China, India, Japan and Korea, and allowed companies in the UK to voluntarily release a portion of their oil reserves.”

Voluntary movement

The spokesman stressed that the release of the reserves was voluntary and not mandatory. If used by all companies, 1.5 million barrels would be freed from oil reserves.

Motor fuel prices in Britain continue to rise for the tenth week in a row. Breaking the non-existent peak in April 2012 in October, prices have been rising ever since.

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