Exclusive: U.S. asks big countries to coordinate releases from oil reserves – sources

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FILE PHOTO: An oil storage tank and crude oil pipeline equipment are seen during a Department of Energy visit to the Strategic Petroleum Reserve in Freeport, Texas, US June 9, 2016. Businesshala/Richard Carson
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WASHINGTON (Businesshala) – The Biden administration has asked some of the world’s biggest oil-consuming nations to consider releasing some of their crude reserves to reduce prices and encourage an economic recovery, according to several people familiar with the matter. Said.

Global oil prices hit a seven-year high in late October, populations returned to roads and rail, while supply did not keep up with demand. The Organization of the Petroleum Exporting Countries and allied producers, including Russia, have resisted President Joe Biden’s call to accelerate the rate of growth in their supplies.

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Sources said that in recent weeks, Biden and top aides have taken up the issue with close allies including Japan, as well as China.

Reporting by Trevor Honeycutt and Jarrett Renshaw; Additional reporting by Valerie Volcovici; Editing by David Gaffen, Heather Timmons and David Gregorio

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