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U.K. Considers Using Strategic Oil Reserves to Stabilize Prices


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These translations are done via Google Translate

By Alex Morales

(Bloomberg)Business Secretary Kwasi Kwarteng is considering releasing oil from the U.K.’s strategic reserve in an effort to stabilize energy prices, according to a person familiar with his thinking.

Kwarteng has already spoken to counterparts in the U.S., Germany, France and Canada about a coordinated move, the person said. The U.K. has sufficient reserves to make an effective intervention, the person added.

Kwarteng is due to hold a video conference with the European commissioner for energy, Kadri Simson, on Monday, the person said.

GLJ
GLJ

The U.S. government is considering tapping its emergency supply of oil to counter a surge in prices following Russia’s invasion of Ukraine. U.S. officials have discussed potential price point triggers and how to coordinate a release with other nations.



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