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Tapping oil reserves will not offset effects of caps on Russian oil prices — Putin

US President Joe Biden on March 31 announced that the US would release 1 million barrels of oil per day from its strategic national reserves for a period of six months in order to push down domestic motor fuel prices

MOSCOW, October 11. /TASS/. Financial interventions and the tapping of strategic oil reserves will not offset the effects of caps on the prices of Russian oil, Russian President Vladimir Putin said at the plenary session of the Russian Energy Week on Wednesday.

"No interventions or the tapping of oil reserves will improve the situation. The required amounts of energy resources are unavailable," he said.

US President Joe Biden on March 31 announced that the US would release 1 million barrels of oil per day from its strategic national reserves for a period of six months in order to push down domestic motor fuel prices. The US Department of Energy will use the proceeds from the sale of oil from its reserve to purchase oil and replenish it in subsequent years. It was planned to release 180 million barrels of oil by the end of October, but so far only 155 million barrels of oil from the national reserves has been sent to the market.

The international forum Russian Energy Week is one of the key platforms for discussing current trends in the fuel and energy complex. The forum is organized by the Roscongress Foundation and Russia’s Energy Ministry with the support from Moscow’s authorities. TASS is the forum’s media partner.

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