Britain releases oil from strategic reserves – SME.sk

LONDON. The British government has authorized domestic oil companies to release 1.5 million barrels (1 barrel = 159 liters) of oil from their strategic reserves to reduce pressure on energy prices.

A spokesman for the British Prime Minister said the move was part of a coordinated international one shares. The United States announced on Tuesday that it would release 50 million barrels of oil from strategic reserves.

“We will work closely with international partners such as the United States to do what we can to support the global economy during this post-pandemic transition,” the spokesman said.

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“That’s why we joined other US-led countries, such as China, India, Japan and Korea, and allowed companies in the United Kingdom to voluntarily release part of their oil reserves.”

The spokesman stressed that the release of reserves is voluntary, not mandatory. If used by all companies, 1.5 million barrels of oil would be released from reserves.

Motor fuel prices in Britain continue to rise as they rise for the tenth week in a row. The record highs of April 2012 were surpassed in October and prices have been rising since then.