Depreciation: If it is officially US, it can adjust the release date.

  • Success is defined as low oil prices, not oil spills – Turkey
  • Biden has given the authorities flexibility in their release plans.
  • The Biden administration is also discussing the benefits of the oil export ban.

WASHINGTON, Dec. 1 (Xinhua) – US Deputy Secretary of Energy David Turki told Reuters on Wednesday that the Biden administration could reschedule its release of strategic crude oil if global energy prices plummet.

Speaking in a video interview with Reuters at the next conference, Turkey added that other countries that have agreed to release strategic stocks in cooperation with the United States to control prices could adjust their time if necessary.

He said the administration had discussed with members of Congress and inside Congress the benefits of banning crude oil exports.

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“I think each country decides on what is and is not good for the consumer and where the price is.

The administration of President Joe Biden announced last month that 50 million barrels will be released from the US Strategic Petroleum Reserve, along with small emissions from China, India, Japan, South Korea and Britain to reduce energy costs.

The unusual deal is to curb rising energy prices to meet rising demand as the world recedes after the OPEC and its partners repeatedly rejected requests from Washington and other consumer countries.

However, oil prices have fallen sharply due to the expansion of the new Omicron variant of the Corona virus, which could lead to wider locks, reducing global energy demand.

According to Turkey, US oil prices fell by $ 65.69 a barrel to 49 cents.

Brian Mund Strategic Petroleum Reserve, an oil storage facility, will be featured in this aerial photograph of Freeport, Texas, USA April 27, 2020. REUTERS / Addresses Laf

“The president has given us flexibility because the United States plans to release strategic stocks,” said Turkey, one of a number of government officials who regularly meet to discuss energy security.

“Therefore, if the price of oil falls sharply, we will use the equipment differently if the pump pain that is currently plaguing our country and the world is dissipated for any reason,” he said. .

“In terms of these issues, how much is the success rate of any policy on our side?

The Department of Energy said companies could borrow 32 million barrels of oil from SPR on Biden’s Reserve Notice Day and that the exchange contracts would be awarded on or before December 14. The supply of oil will last from January to April, and oil companies will have to return the oil by 2024 next year.

The department sells 18 million barrels of oil previously approved by Congress. He said the advertisement will be posted on or before December 17th.

Turkey says the White House is still considering a proposal by some Biden Democratic lawmakers to block oil exports. Some critics have suggested that the ban could reduce domestic oil prices, despite the fact that most of the country’s refineries are being used for export.

“Indeed, we have heard from both sides of this issue,” he said. “And we are working to inform that analysis, all that information by our secretary and finally the president’s decision.”

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Reporting by Timothy Gardner in Washington Edited by Richard Walldmanis Matthew Lewis

Our standards are published in The Thomson Reuters Trust Principles.

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