The United States releases 50 million barrels of its strategic oil reserves in an attempt to lower prices

picture released, Getty Images

The United States said it would release 50 million barrels of oil from its Strategic Petroleum Reserve in an effort to bring down high oil prices.

This step is being taken in parallel and in coordination with other major oil consuming countries, including China, India, Japan, South Korea and the United Kingdom.

US President Joe Biden has repeatedly asked the Organization of Petroleum Exporting Countries (OPEC) to increase production more quickly.

But OPEC stuck to an agreement that only gradually increased production.

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