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.
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