Biden confirms that thirty countries will resort to their strategic oil reserves
Despite the sharp controversy over Russian President Vladimir Putin’s decision to link natural gas sales to Europe to payment in the ruble, Moscow made it clear that gas supplies to Europe will continue on the same condition, but said that the decision would be activated in mid-April and not from yesterday.
Kremlin spokesman Dmitry Peskov said that the decision to pay in rubles will affect payments from the second half of April, and Gazprom will work with its customers to implement the new rules. He noted that Russia may at some point give up its demand for the ruble if conditions change, but “in the current circumstances, the ruble is the best and most reliable option for us.”
Simultaneously, US President Joe Biden confirmed, on Friday, that “more than thirty countries” will follow the example of the United States and resort to its strategic oil reserves in an attempt to lower prices.
Referring to an International Energy Agency initiative, Biden said, “This morning, more than thirty countries held an emergency meeting and decided to pump into the market tens of millions of additional barrels of oil.”
The Democratic president announced Thursday that, for six months, one million barrels per day of the US strategic oil reserve will be used. However, many observers criticized the plan as “short-sighted and not a solution to reduce high oil prices, whether in the US market or in global energy markets.”