Biden admin asks China, others for joint crude reserves release

OPEC+ plans to meet on December 2. The group has taken a slower approach to boosting output, viewing the economic recovery as too fragile

WASHINGTON/BEIJING: Governments from some of the world’s biggest economies said on Thursday they were looking into releasing oil from their strategic reserves, following a rare request from the United States for a coordinated move to cool global energy prices and ahead of a meeting of major oil producing countries.

The Biden administration has asked a wide range of countries, including China for the first time, to consider releasing stocks of crude, the White House said on Thursday.

Other major consumers India, Japan and South Korea were also involved in discussions, several people familiar with the requests told Reuters on Wednesday.

As the world economy rebounds from the pandemic, Washington is frustrated that producers in OPEC+, the Organisation of the Petroleum Exporting Countries and allies such as Russia, have rebuffed US requests to speed up additional oil supplies.

With gasoline prices and other costs rising, Democratic US President Joe Biden also faces political pressure ahead of midterm congressional elections next year. A Reuters poll in October showed 67 per cent of US adults agreed that inflation is a very big concern.

Members of Biden’s national security team had discussed the need to meet fuel demand, White House spokesperson Jen Psaki said on Thursday.