US Drawback from Oil Reserves, a Matter for its Government

Prince-minister of Energy Abdulaziz bin Salman said it was up to t United States, whether to drawback more supplies from its strategic oil reserves.

Administration of US President Joe Biden has said, in November, that it would drawback about 50 million barrels from its reserves, in a concerted plan it orchestrates with other consuming countries, such as China, India and South Korea, to meet the high cost of fuel or supply disruption.

Brent blend, the world benchmark’s futures rose 40 cents, or 0.5 percent, to $ 86.46 a barrel by 0641 GMT, on Monday.

Earlier in the session, the futures have hit $86.71 a barrel, the highest since October.

“This is a matter for the American government,” the Prince-minister of Energy told reporters, in Dubai, answering a a question about whether the United States could pump more oil from its reserves, due to high prices, according to “Reuters”.

The prince-minister was attending the opening of the Abu Dhabi Sustainability Week Summit, at the Expo 2020 venue.

China plans to drawback, too, from its oil stocks near the Lunar New Year holiday, which begins on January 31 until February 6, as part of a coordinated plan with the United States and other major consumers, to limit the rise in oil global prices, other sources added.