Alexey Gromov, Principal Director on Energy Studies of the Institute for Energy and Finance, commented to the Sputnik radio station on the initiatives of the US authorities to sell additional volumes of oil from the country's strategic oil reserve.
The administration of the US President Joe Biden plans to sell 10 to 15 million barrels of oil from the strategic reserve. Bloomberg writes about this, citing sources.
"The United States does not have many tools to influence the global oil market in order to bring down the price on it and, accordingly, bring down the price of gas stations inside the country, which is especially important for the Biden administration on the eve of the November congressional elections. The sale of strategic oil reserves is actually the only tool, which can significantly affect the market. I think that the sale of 10 or 15 million barrels of oil will give a short-term price reduction, but the Biden administration needs it to ensure acceptable results in the congressional elections," Alexey Gromov explained.
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