UK Authorises Release of 1.5 Million Barrels of Oil From Strategic Reserves-Alexander Zhang

The UK government on Tuesday authorised British oil companies to release up to 1.5 million barrels of oil from their strategic reserves to ease pressure on energy prices. The Prime Minister’s official spokesman said that it was part of a coordinated international move led by the United States, which is releasing 50 million barrels. “We will work closely with our international partners like the U.S. to do what we can to support the global economy through the transition following the pandemic,” the spokesman said. “That is why we are joining other countries led by the U.S. and including China, India, Japan, and Korea in allowing companies in the UK to voluntarily release some of their oil reserves.” The spokesman said this is a “sensible and measured step to support global markets as we emerge from the pandemic.” He emphasised that the move “will be voluntary, not mandatory.” But he said, … The UK government on Tuesday authorised British oil companies to release up to 1.5 million barrels of oil from their strategic reserves to ease pressure on energy prices. The Prime Minister’s official spokesman said that it was part of a coordinated international move led by the United States, which is releasing 50 million barrels. “We

Alexander Zhang

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