Joe Biden Announces New Decision to Stabilize Oil Market and Reduce Price Volatility

The United States, in light of the scarcity of oil in the global market, plans to release the first 90 million barrels from its strategic reserve between May and July, according to the country’s energy department.

The initial 90 million barrels will be allocated during the period from May to July, with the remaining 90 million barrels slated for release between August and October 2022, the department's statement noted.

Just yesterday, U.S. President Joe Biden announced a decision to release one million barrels of oil per day from the country's strategic reserves for a period of six months to stabilize the oil market and mitigate price volatility. These volumes are expected to enter the market between May and October of this year.

Biden has also urged American oil producers to actively increase their oil production. The U.S. leader criticized them for not utilizing over 9,000 drilling permits granted to companies and threatened penalties for the unused permits.