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US authorities change their position on petroleum reserves in several hours — WSJ

According to the sources, US Secretary of Energy Chris Wright told his colleagues from the G7 that releasing strategic petroleum reserves is premature because the oil price dropped below $90 a barrel

NEW YORK, March 12. /TASS/. The administration of US President Donald Trump initially asked its allies not to rush with releasing strategic petroleum reserves but changed its position in several hours and started seeking a large-scale intervention in the oil market, The Wall Street Journal (WSJ) reported, citing sources.

According to them, US Secretary of Energy Chris Wright told his colleagues from the Group of Seven that such a step is premature because the oil price dropped below $90 a barrel. However, the US side changed its position in less than two hours after the US President reconsidered his decision.

As a result, member-countries of the International Energy Agency agreed on March 11 to allocate record high 400 mln barrels of oil from its emergency reserves to stabilize the market situation.