(Bloomberg) -- President Joe Biden's release of millions of additional barrels of oil are likely to be just the start of global efforts to bring down energy prices, a U.S. official said.
U.S. allies are poised to bring more oil into the marketplace as well, Amos Hochstein, U.S. special envoy and coordinator for international energy affairs, said during an interview Friday with Bloomberg TV.
“I believe,” he said, “that we're going to have additional capacity coming on line from our allies.”
“There's a meeting that is going on right now of the IEA, the International Energy Agency, to look at additional releases from the international market so we won't just have oil coming on the market in the United States, but rather have oil coming online to the market in Asia, as well as Europe over the next several months,” said Hochstein, who also leads the State Department's Bureau of Energy Resources.
On Thursday, Biden announced a plan to release a million barrels of oil a day from U.S. reserves for six months in an effort to tamp down gasoline prices, an amount the White House and oil market analysts called unprecedented. The move highlighted Biden administration concern about rising prices and supply shortages following Russia's invasion of Ukraine.
©2022 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
