Friday at 8am ET to discuss a release of emergency reserves. It's probable further barrels will come to the market and ease the acute supply shortage, Fritsch said.by drilling more, and has asked Congress to approve a"use-it-or-lose-it" policy for wells on public land that may have been sitting unused for years.in oil production in May, by an additional 430,000 barrels per day.
"Though this is somewhat more than in the preceding months, it is in line with last summer's agreement," Fritsch said. The group has defied many calls from the US and IEA to pump more crude in order to cool prices that soared to decade-highs after Western sanctions imposed on Russia over its invasion of Ukraine.reported. The oil producer group has chosen to replace the agency's data with reports from consultancies Wood Mackenzie and Rystad Energy.
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Business Maverick: Biden team considers a massive release of oil to combat inflationThe Biden administration is weighing up a plan to release roughly a million barrels of oil a day from U.S. reserves, for several months, to combat rising fuel prices and supply shortages following Russia’s invasion of Ukraine, according to people familiar with the matter. I'ᴍ sᴏ ᴄᴏᴍғᴏʀᴛᴀʙʟᴇ ᴍᴀᴋɪɴɢ ᴍʏ ᴡɪᴛʜᴅʀᴀᴡᴀʟs ғʀᴏᴍ MarkdonaldTowns ᴘʟᴀᴛғᴏʀᴍ, ᴛʜᴀɴᴋ ʏᴏᴜ ғᴏʀ ᴛʜɪs ᴏᴘᴘᴏʀᴛᴜɴɪᴛʏ ʙʀᴏᴛʜᴇʀs ᴀɴᴅ sɪsᴛᴇʀs ʜᴇʀᴇ's ᴛʜᴇ ᴘᴇʀғᴇᴄᴛ ᴏᴘᴘᴏʀᴛᴜɴɪᴛʏ ғᴏʀ ᴜs ᴀʟʟ ᴛᴏ ᴇᴀʀɴ. ᴄʜᴇᴄᴋ her ᴘᴀɢᴇ
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