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An Iraqi expert explains Biden's upcoming decision and its impact on oil prices
- Time: 11/22/2021 21:07:39
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{Economic: Al Furat News} An oil expert explained the decision of US President Joseph Biden regarding the release of US oil reserves.
Hamza Al-Jawahiri told {Euphrates News}: "The decision will raise oil prices globally and have a positive impact on Iraq," which depends mainly on oil as a semi-sole resource for the state treasury.
He pointed out that "the decision will never affect the Organization of the Petroleum Exporting Countries, which has the lead in global oil markets."
He continued, "It is not possible to expect - now - oil prices after Biden's decision," noting that "there are other factors that will affect the oil market, such as the new epidemic wave in Europe and others."
Al-Jawahiri said, "The United States used its reserves from oil reserves and other countries, and this is what made oil drop below $80 in the past two days."
He explained that "
And Bloomberg Agency reported this evening that US President Joe Biden is preparing to announce the use of oil from US reserves in coordination with several countries, including India, Japan and South Korea.
Informed sources told the US Agency that "Biden's announcement on reserve oil will be jointly carried out with India, Japan and South Korea. It will be an unprecedented effort by major oil consumers to control prices after the "OPEC +" countries rejected US calls to increase production significantly."
The sources stated that "the situation is still in a state of flux and plans may change, but the United States is considering releasing more than 35 million barrels over time."
The Biden administration has asked a wide range of countries, including China, to consider releasing crude oil stocks.
This is why oil prices rose on Monday, due to reports that “OPEC +” may reassess its production.
Raghad Daham
[You must be registered and logged in to see this link.]
{Economic: Al Furat News} An oil expert explained the decision of US President Joseph Biden regarding the release of US oil reserves.
Hamza Al-Jawahiri told {Euphrates News}: "The decision will raise oil prices globally and have a positive impact on Iraq," which depends mainly on oil as a semi-sole resource for the state treasury.
He pointed out that "the decision will never affect the Organization of the Petroleum Exporting Countries, which has the lead in global oil markets."
He continued, "It is not possible to expect - now - oil prices after Biden's decision," noting that "there are other factors that will affect the oil market, such as the new epidemic wave in Europe and others."
Al-Jawahiri said, "The United States used its reserves from oil reserves and other countries, and this is what made oil drop below $80 in the past two days."
He explained that "
And Bloomberg Agency reported this evening that US President Joe Biden is preparing to announce the use of oil from US reserves in coordination with several countries, including India, Japan and South Korea.
Informed sources told the US Agency that "Biden's announcement on reserve oil will be jointly carried out with India, Japan and South Korea. It will be an unprecedented effort by major oil consumers to control prices after the "OPEC +" countries rejected US calls to increase production significantly."
The sources stated that "the situation is still in a state of flux and plans may change, but the United States is considering releasing more than 35 million barrels over time."
The Biden administration has asked a wide range of countries, including China, to consider releasing crude oil stocks.
This is why oil prices rose on Monday, due to reports that “OPEC +” may reassess its production.
Raghad Daham
[You must be registered and logged in to see this link.]
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