US bid to coordinate release of oil reserves a warning to Opec+
The Straits Times|November 20, 2021
To address concerns of high fuel prices, the United States has pulled in long-time allies Japan and South Korea as well as China and India to consider a joint release of emergency oil reserves, according to a US source.

WASHINGTON The Biden administration’s push for a coordinated release of oil stockpiles serves as a warning to Opec+ that it should pump more oil to address concerns of high fuel prices in powerhouse economies such as the United States and China.

For weeks, the White House and administration officials had urged the Organisation of the Petroleum Exporting Countries (Opec) and its allies, including Russia, to accelerate production increases to satisfy demand as the global economy rebounds from the depths of the coronavirus pandemic.

After those pleas were rebuffed, the Biden administration hatched a different plan to keep the pressure on Opec+ ahead of its Dec 2 meeting on oil output policy.

Administration officials pulled in long-time allies Japan and South Korea as well as China and India to consider a joint release of emergency reserves, a source told Reuters on Wednesday.

Those countries and the US are the world’s five largest oil importers, so the move could act as a powerful signal about consumernation unity on global energy prices.

If stocks are released, it could drive prices lower, at least in the short term, analysts said.

Continue reading your story on the app

Continue reading your story in the newspaper

MORE STORIES FROM THE STRAITS TIMESView All

Police probing alleged lockdown breaches at Downing Street

British PM welcomes inquiry amid claims he and his staff broke rules they set for country

3 mins read
The Straits Times
January 26, 2022

Malaysian leader discusses Myanmar with Cambodian PM

Malaysia’s Prime Minister Ismail Sabri Yaakob yesterday emphasised the urgent need for cessation of violence against civilians and release of political prisoners in Myanmar during a call with Prime Minister Hun Sen of Cambodia, the current chair of Asean.

2 mins read
The Straits Times
January 26, 2022

S'pore, Indonesia sign 3 pacts on longstanding bilateral issues

Airspace: S’pore to manage parts of realigned Jakarta FIR for next 25 years. Extradition: Comprehensive list of offences under treaty. Defence: Closer interaction between SAF, Indonesian forces. 

3 mins read
The Straits Times
January 26, 2022

Unvaccinated can attend private worship in group of five from Feb 1

Unvaccinated worshippers can continue to attend private worship from next month, when vaccination-differentiated safe management measures (VDS) for congregational and worship services will be expanded.

2 mins read
The Straits Times
January 26, 2022

Road safety • Expand use of drones by police

A Singapore Police Force drone. Drones could provide live footage of an accident site to the police, Singapore Civil Defence Force and ambulance service, says the writer.

1 min read
The Straits Times
January 26, 2022

Walk-in vaccination begins for children aged 5 to 11

Parents keen to protect younger kids from infection ahead of festive season

2 mins read
The Straits Times
January 26, 2022

Japan widens curbs as daily cases surge past 60,000

More areas to face quasi-emergency rules; business lobby criticises closed borders

2 mins read
The Straits Times
January 26, 2022

Cruises to Asean countries may start later this year: Tourism board

Singapore in talks with various governments on coordinating safety protocols, processes

2 mins read
The Straits Times
January 26, 2022

Country honoured to be invited to G-20 Bali summit: PM

S’pore will do its best to contribute to talks, he says, following invitation from Jokowi

1 min read
The Straits Times
January 26, 2022

509 Covid-19 patients in hospital, 35 need oxygen support and 10 in ICU

A total of 509 people are now hospitalised with Covid-19, of whom 35 require oxygen support and 10 are in the intensive care unit (ICU).

1 min read
The Straits Times
January 26, 2022
RELATED STORIES

FBI, US AGENCIES LOOK BEYOND INDICTMENTS IN CYBERCRIME FIGHT

The FBI and other federal agencies are increasingly looking to counter cyber threats through tools other than criminal indictments, the head of the bureau’s cyber division said in an interview.

3 mins read
Techlife News
January 22, 2022

The Forever Virus

The Omicron wave could possibly mark the beginning of the end of the pandemic. What else does the virus have in store for 2022 and the years to come?

10+ mins read
Newsweek
January 28 - February 04, 2022

GOP OHIO CONGRESSIONAL DELEGATION WANTS CHIP LAW FUNDED

GOP members of the Ohio congressional delegation asked House and Senate leaders to fully fund a law meant to address a global shortage of semiconductor chips used in phones, cars and video games.

2 mins read
AppleMagazine
AppleMagazine #534

Same City - Different Games

What’s changed since Beijing last held the Olympics? Almost everything

4 mins read
Bloomberg Businessweek
January 24, 2022

Boxed In on China

Biden’s inability to extract concessions from Beijing is a liability going into November’s midterms

5 mins read
Bloomberg Businessweek
January 24, 2022

IRS BLOWS LID ON HARRY & MEGHAN CHARITY SCANDAL!

Big bucks spent on their lawyers

2 mins read
National Enquirer
January 24, 2022

BLUNDERING BIDEN'S DEADLY WEB OF LIES!

Joe conspiring to fool America with tall tales of conquering COVID

3 mins read
National Enquirer
January 24, 2022

How Did Blake Hall Get Between You And Your Identity?

During the pandemic his online-authentication company, ID.me, became the government’s digital gatekeeper. And its grip is only getting tighter

10+ mins read
Bloomberg Businessweek
January 24, 2022

Georgia On Our Minds, Again

The Southern state will be the stage for more high-stakes political drama

2 mins read
Bloomberg Businessweek
January 17, 2022

THE SECOND COMING OF NUCLEAR POWER

As the demand for energy rises, MINIATURIZED nuclear power plants could be a climate-friendly new source. Critics aren’t so sure

10+ mins read
Newsweek
January 21, 2022