Washington: The United States has stepped in and made an important decision on OPEC and Russia’s refusal to increase oil production.
According to media reports, the United States, along with other countries, will release oil from safe havens, a statement issued by the White House said. Countries include China, India, Japan, South Korea and the United Kingdom.
Top US officials say this will be the first time that steps have been taken to supply oil to the market in such a coordinated manner.
On the other hand, analysts believe that higher crude oil prices will continue after the Organization of the Petroleum Exporting Countries (OPEC) and non-member countries such as Russia decided not to increase oil production in December.
Petrol prices in the United States are at their highest level in seven years, while consumer prices have risen at the fastest pace in three decades.
On the other hand, support for US President Joe Biden has been at an all-time low since he took office.
