The United States has decided to release oil and China agrees
The price of the WTI, the reference US barrel, is under pressure on rumors that Washington has proposed to other oil consuming countries such as China and Japan to consider a coordinated release of strategic oil reserves, as a solution to lower prices. The lease sale is a major reversal of Biden’s commitment to shut down new oil and natural gas leases on public lands and waters and comes just days after the president’s pledge to slash emissions during the United Nations climate summit in Glasgow, Scotland. The lease sale has the potential to emit more than 516 million metric tons of greenhouse gas emissions into the atmosphere — the equivalent to annual emissions of 130 coal-fired power plants or 112 million cars, according to the Center of Biological Diversity. To increase the supply, Washington suggests a coordinated global action. Brent returns to 80 dollars per barrel.