UK joins USA in strategic oil reserve release

UK will join USA in releasing more oil from its reserves as part of a joint effort to lower prices and reduce reliance on Russian supplies. US President Joe Biden on Thursday said his plans to release a million barrels of oil a day for six months would lay the foundations for the States to achieve energy independence from foreign suppliers. He also said he expected allies to release as many as 50 million barrels from their own stocks. For comparison, a month ago, IEA members agreed on a 61.7-million barrel release, with 30 million coming from the U.S. and 2.2 million from the U.K.