31 countries put millions of barrels of oil on the market

President of Russia / Twitter

Russian President Vladimir Putin.

Russian President Vladimir Putin.

Joe Biden announced a new measure to try to prevent the Russian president “from using his energy resources as a weapon”.

The American President, Joe Bidentoday announced that 30 countries will join the United States and put “tens of millions” of barrels on the market oil, to stop the rise in prices due to the war in Ukraine.

“Nations unite to to prevent [o Presidente russo Vladimir] Putin will use his energy resources as a weaponthe head of state told reporters at the White House.

Biden announced that today even 30 nations have reached a to wake up to increase the supply of oil to the market, meet demand and try to lower prices.

The US head of state did not reveal which nations had reached the agreement, but on Thursday the White House announced that the United States was in talks with the 30 countries that are part of the International Security Agency. energy (IEA).

AIE members held an extraordinary meeting today to discuss possible actions to stability of the international oil market.

This meeting comes just a day after Biden ordered the release of a record amount of reserves country’s oil – one million barrels a day over the next six months – to try to contain rising prices.

Biden’s plan will serve to add a total of 180 million barrels oil on the world market (one million a day for 180 days or six months), but the impact may be relative because the American contribution represents only 1% of world demand.

Moreover, Russia failed to bring about three million barrels per day to market.

Biden has already revealed on Tuesday that he is coordinating with allies around the world and expects other nations to come forward with contributions between the 1930s and 1930s. 50 million barrels of oil.

The IEA already agreed on March 1, a week after the Russian invasion of Ukraine, to release 60 million barrels of oil from its members’ strategic reserves.

At the time, the United States was putting 30 million barrels of oil on the market, barely half of what the IEA had agreed.

Biden’s Thursday announcement has already materialized effect on markets and, in fact, the price of ‘West Texas Intermediate’, which serves as a reference in the definition of oil prices in the United States, opened today with a drop of 1.3%, at 98.95 dollars (89, 59 euros) per barrel.

The AIE is made up of Germany, Australia, Austria, Belgium, Canada, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland , Italy, Japan, Luxembourg, Mexico, New Zealand, South Korea, Slovakia, Spain, United States, Norway, Netherlands, Poland, Portugal, United Kingdom, Republic Czech, Sweden, Switzerland and Turkey.

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