Oil prices rise, ignoring the withdrawal of several countries from their strategic reserves

Oil prices ignored the announcement of several countries to withdraw from their strategic oil reserves, and Brent crude rose 1.63% at a price of $ 81 a barrel, and Nymex crude rose by 1.55% at a price of $ 77.94 a barrel, at 2:50 GMT Tuesday.

The rise coincided with the White House’s statement that it would release 50 million barrels of strategic oil reserves to help calm oil prices, in addition to borrowing and selling from the reserves, in coordination with moves to withdraw from the strategic reserves by China, India, Japan, South Korea and Britain, according to Reuters.

India revealed the withdrawal of 5 million barrels from its strategic reserves in coordination with other buyers, and similarly A UK government spokesman said Britain would allow a voluntary drawdown of oil reserves from the private sector in response to a push for a global drawdown of oil reserves led by the United States.

He added, “If companies choose to use this flexibility, they will release the equivalent of 1.5 million barrels of oil.”

South Korea also agreed to participate in a joint withdrawal of oil reserves in response to a request from the United States. The current oil reserves in South Korea are estimated at 97 million barrels, which is sufficient for consumption for about 106 days, according to an official at the Ministry of Industry.

China and Japan revealed similar moves in their strategic reserves drawdown.

Data indicate that India’s reserves are sufficient for 9.5 days of consumption, China’s reserves are estimated at 220 million barrels, sufficient for 15 days of consumption, Japan’s reserves are sufficient for 145 days of consumption, while the United States’ reserves are estimated at 606 million barrels per day.

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