In an effort to curb rising oil prices, US President Joe Biden has called on major oil-consuming countries, including China, India and Japan, to market their strategic oil stocks.
Countries around the world have strategic crude oil at hand in case of emergencies such as natural disasters or energy crises. President Biden has now begun a significant call for some of the largest oil consumers to bring some of those strategic supplies to market.
By this, Biden wants to clarify his patience with the OPEC countries, which, according to him, is not enough. To increase oil production. “It should be a symbolic act to send a message to OPEC that the world’s largest consumers need to change their behavior,” a source told Reuters..
The United States previously launched such a concerted effort in 2011 during the war in Libya, an OPEC member state. The move – if implemented – would have a greater impact as China is also included in the plans. The Chinese government says it is already working on plans to issue a portion of the strategic stake, but refuses to go ahead with the US proposal.
According to Reuters, the US will have to sell or lend more than 20 to 30 million tonnes of crude oil from its strategic reserves to make an impact on the market.
Russia (OPEC +), the OPEC and other oil-producing nations, produces about 400,000 tons of crude oil every day, and the United States must be careful about issuing strategic shares, as this could have devastating effects on the market. According to OPEC Secretary-General Mohamed Barcinto, global distribution surpluses may show up in early December. Therefore, he believes it is unwise to start strategic stocks now.
Biden’s political motives
Biden also has political motives for this global appeal. Fuel and food prices have continued to rise, and consumer goods around the world have been on the rise in recent months. Achievement max. Last week, US inflation hit a record low 6.2 percent, Which is the highest level since 1990.
These general price increases cause a sharp decline in satisfaction among American consumers. Americans see their bills as increasingly responsible for the increased bills of Biden and the Democrats. That was in early November Approval of Pitton At 42.9 percent, the majority of Americans do not accept the presidency.
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