Exclusive-U.S. asks Japan, China, others to consider tapping oil reserves -sources

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Reuters

By Trevor Hunnicutt, Jarrett Renshaw and Timothy Gardner WASHINGTON (Reuters) -The Biden administration has asked some of the world’s largest oil consuming nations to consider releasing some of their crude reserves in a coordinated effort to lower prices and stimulate the economic recovery, according to several people familiar with the matter. Global oil prices touched seven-year highs in late October, with populations returning to roads and rails after pandemic restrictions. Meanwhile, supply has not kept pace with demand. The Organization of the Petroleum Exporting Countries and allied produ…

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