Several U.S. allies will join President Joe Biden’s unprecedented deployment of oil stockpiles in an effort to ease the economic damage from high energy prices.
Members of the International Energy Agency agreed on Friday to make another round of releases from their emergency fuel reserves, said Hidechika Koizumi, the director of the international affairs division at Japan’s trade ministry. The timing and volumes of the releases from each country will be decided at a later date.
Biden said on Thursday that his administration will sell 1 million barrels of oil a day from U.S. crude stockpiles for six months to ease the surging cost of gasoline in the wake of Russia’s invasion of Ukraine — something he described as "Putin’s price hike.”