If the US sells oil from emergency reserves to help alleviate high energy prices as President Joe Biden has insisted several times, around 400,000 barrels per day (bpd) of sweet crude will be sold by the end of the year, according to data from US-based digital oil analytics firm OilX on Thursday, APA reports citing CNBC.
Biden is preparing to sell oil from his country’s Strategic Petroleum Reserves (SPR) after exhausting other solutions to tackle high fuel prices which he blames for the country's increasing inflation. Last week, he requested that his top economic advisers focus on the issue.
Biden has repeatedly asked the Organization of Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, to increase the group's output. However, the group did not relent to his demands and agreed to adhere to its production pact of 400,000 bpd in December.
The move has drawn widespread criticism, especially as it came on the heels of COP26, the United Nations climate conference in Scotland, where leaders are on course to reach an agreement to tackle global warming.