White House: "Release of Strategic Oil Reserves to Condemn Putin's War Choice"

[Image source=EPA Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] The White House announced on the 1st (local time) that the decision by the United States, South Korea, and other allied countries to release 60 million barrels of emergency oil reserves is to condemn Russian President Vladimir Putin's choice of war and to address its aftermath.

In a statement issued by White House Press Secretary Jen Psaki on the same day, it was stated, "We are prepared to use all available means to prevent disruptions to the global energy supply caused by President Putin's actions." The United States, South Korea, and 31 IEA member countries decided to release 60 million barrels of emergency oil reserves during a video conference held that day.

Press Secretary Psaki emphasized, "Today's announcement is another example of cooperating with global allies to condemn Russia's unjust invasion and to address the consequences of the war chosen by President Putin."

Earlier, U.S. President Joe Biden had also announced measures such as releasing oil reserves to prevent sharp rises in energy prices or supply disruptions due to Russia's invasion of Ukraine.

Psaki explained, "IEA member countries have agreed to release 60 million barrels of emergency oil reserves," adding, "President Biden will authorize the United States to release 30 million barrels of emergency oil reserves in accordance with this agreement." She added, "IEA member countries also agreed to continue monitoring the market and consider additional announcements."

The remaining half, 30 million barrels, will be released by European and Asian allies, specifically including South Korea, Germany, the United Kingdom, Italy, the Netherlands, and Japan.

This is the first time since 2011 that member countries have agreed to release emergency oil reserves. It is the fourth time since the system was established in 1974 following the Arab oil embargo.

Psaki emphasized, "We will strive to accelerate the diversification of energy supply and protect the world from Russia's weaponization of oil and gas."

Meanwhile, international oil prices are reaching their highest levels in over seven years. On the same day at the New York Mercantile Exchange (NYMEX), West Texas Intermediate (WTI) crude oil surged 10.34% from the previous session to $105.71 per barrel. Brent crude oil on the London ICE Futures Exchange is also trading up 8.91% at $106.70.

This content was produced with the assistance of AI translation services.