US to release 50 mn barrels crude oil from strategic reserves to cool down prices

 The United States will release 50 million barrels of crude from the U.S. Strategic Petroleum Reserve to help cool oil prices that will start hitting the market in mid- to late-December, the White House said on Tuesday.

The release will take the form of a loan and a sale,and was in concert with other releases from strategic reserves by China, India, South Korea, Japan and Britain, senior Biden administration officials said.

It was the first time the United States has coordinated releases with some of the world's largest oil consumers, the officials said.

Also Read: 'More optimistic' on India's recovery prospects; GDP growth to pick up to 9.1% in 2022: Goldman Sachs

Also Read: India's exports to grow by 7.6% to $564bn by 2030: StanChart-PwC