U.S. President Joe Biden said that more than 30 countries have agreed to release an additional 60 million barrels of oil from their own reserves in order to stop the rise in energy prices, which was caused by Russia's attack on Ukraine.
Biden stated this on Twitter.
"Putin's invasion of Ukraine has caused gas and food prices to rise worldwide. 70% of the price increase in March was due to Putin's price increases," the U.S. president said.
Biden also said he is doing everything he can to stabilize the price of energy resources.
"To help deal with Putin's price increases, I have authorized the release of 1 million barrels a day for the next 6 months from our strategic oil reserve, and more than 30 countries have agreed to release an additional 60 million barrels," he stressed.
To help deal with this Putin Price Hike, I authorized the release of 1 million barrels per day for the next 6 months from our Strategic Petroleum Reserve — and over 30 countries agreed to release 60 million additional barrels.
— President Biden (@POTUS) April 12, 2022
This is the largest collective release in history.
The U.S. President noted that the joint action of the countries helped to stop the rise in oil prices, and contribute to their decline.
It should be noted that after the sanctions were imposed, oil production in Russia dropped sharply.
And OPEC lowered its forecast of global oil demand because of Russia's war against Ukraine.
