The U.S. could adjust the timing of its planned oil stockpile release if global energy prices fall substantially, U.S. Deputy Energy Secretary David Turk told Reuters ReutersNext
, added that other consumer nations that had agreed to release strategic reserves in concert with the United States to tame prices could also adjust their timing, if needed.
The unusual agreement among oil-consuming nations to coordinate stockpile releases was designed to tame soaring energy prices after the OPEC producer group and its allies rebuffed repeated requests from Washington to pump more quickly to match rising demand as the world began to exit the pandemic.of the coronavirus will spread and trigger extensive lockdowns, reducing global energy demand.
"The metric of success for any policy from our end related to these issues is 'what is the price at the pump'? ... not whether we get 50 million barrels out as quickly as we possibly can," he said. The department would also offer 18 million barrels of oil for a sale that had been previously approved by Congress. The sale notice would be posted on Dec. 17 or before, it said.
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