The United States, India, Japan and South Korea have successively announced the release of national oil reserves!

According to a recent official announcement by the White House, 50 million barrels of National Strategic Petroleum Reserve (SPR) will be released to stabilize oil prices and curb the current serious inflation in the United States. Biden's move is aimed at curbing the soaring oil price and solving problems such as the imbalance between domestic supply and demand in the United States during the new crown epidemic.

Previously, the "OPEC+" alliance formed by oil exporting countries such as Russia and Saudi Arabia rejected the request of the United States to increase oil production.

The Secretary-General of the International Energy Forum (IEF) McMonigall said in a statement that if oil importing countries start to release crude oil reserves, OPEC+ will be less likely to increase crude oil output.

In this regard, the White House Council of Economic Advisers (CEA) member Bush said, “The strategic oil reserve is prepared for the state of emergency.” Some analysts pointed out that when the fuel supply is interrupted, the national strategic oil reserve is usually released because This approach cannot have a significant impact on fuel prices.

Recently, U.S. oil prices have continued to rise. According to data from the National Automobile Association, the average price of general unleaded gasoline in the United States has reached 3.409 US dollars per gallon (approximately RMB 21.77), a record high in seven years.

The United States has also joined hands with India, South Korea, and Japan to challenge OPEC+ to cool oil prices.

The Indian government recently announced that it will release 5 million barrels of strategic oil reserves and coordinate actions with other major energy consumers.

The Indian government said in a statement: “Oil-producing countries deliberately let the supply fall below demand, leading to negative consequences such as rising oil prices. India has repeatedly expressed concern about this.”

According to the report, India is the world's third largest oil importer and consumer. Recently, it is extremely worried about rising oil prices and hopes that the Organization of Petroleum Exporting Countries and its allies will increase oil production.

In addition, Japanese Prime Minister Fumio Kishida said at his official residence on the 24th that he would cooperate with the United States to release strategic oil reserves in order to stabilize oil prices and release the country's excess oil reserves without violating the Petroleum Reserve Law.

According to the "Nihon Keizai Shimbun" report, with the decline in Japan's domestic oil demand, Japan's daily required reserves have also decreased accordingly, and excess reserves that exceed the country's necessary reserves will be sold through bidding.

It is estimated that the government will release 4.2 million barrels first, which is roughly equivalent to Japan's domestic demand for one to two days. The government may continue to increase the amount of release as needed.

The South Korean government also stated that South Korea has decided to respond to the US proposal and participate in the joint release of oil reserves. This decision is a combination of economic and diplomatic factors.

South Korea will join major oil consuming countries such as Japan and India in the joint release of oil reserves proposed by the United States. The specific release scale, time and method will be announced in the future, and it is expected that the release scale will be the same as the previous example of international cooperation between South Korea and the International Energy Agency (IEA).