Three dozen countries will provide 60 million barrels of oil from their own reserves in order to slow down the rapid rise in prices for gas and products that the world community has faced as a result of the war in Ukraine. US President Joe Biden announced this on his Twitter.

He said the US had already authorized the release of 1 million barrels a day for six months from the country's strategic oil reserve.. What other countries have joined this action, Biden did not specify..

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" 70% of the price increase in March is due to Putin's price gouging… To help deal with Putin's price hike, I have authorized the release of 1 million barrels per day over the next 6 months from our strategic oil reserve and over 30 countries have agreed to release another 60 million barrels."

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It should be noted that against the backdrop of a full-scale war and economic sanctions, which, as a result, the Russian Federation faced, oil production in this country has significantly decreased..

In particular, in the first days of April, the restrictive policy of the world community became more tangible for the Kremlin: the average daily production with condensate amounted to about 1 million 444 thousand. t, which is 59 thousand. tons less than in March (by 3.9%).

At the end of January, oil prices recorded the largest monthly increase in almost a year. This was driven by supply shortages and political tensions in Eastern Europe and the Middle East.. In addition, the pressure on the market is exerted by the uncertainty of expectations among oil exporting countries.