A source familiar with the situation said that the US Department of Energy is set to announce a loan of oil from the Strategic Petroleum Reserve (SPR) on Tuesday, in coordination with other countries.
Under an SPR swap, oil companies take crude oil but are required to return it or the refined product, plus interest.
Previously, US President Joe Biden has asked China, India, South Korea, and Japan for a coordinated release of oil inventories to lower the surging prices of US gasoline.
The US has also repeatedly pressed the Organization of the Petroleum Exporting Countries and allies (OPEC+) to raise output to balance the market. However, the effort failed to convince them to pump more oil as the major producers argue that the world was not short of crude supply.
On Monday, Reuters reported that India and Japan were making efforts to release their national reserves simultaneously with the US.
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Published on November 23, 2021 11:02 AM (GMT+8)Last Updated on November 23, 2021 11:02 AM (GMT+8)
