US State Department Envoy: Could consider releasing more oil reserves

In yet another effort to lessen the impact of the US ban on Russian oil imports, US State Department Senior Adviser Amos Hochstein said early Wednesday, American and other nations would consider releasing more oil barrels from reserves, if necessary.

Key quotes

“The Biden administration is continuing to try to mitigate the surging cost of fuels following sanctions imposed by the United States and allies following Russia's invasion of Ukraine.”

“It would not be easy to replace Russia's crude exports.”

"If we need to do something again on a global basis with our allies, we will."

“Numerous buyers of Russian energy have self-sanctioned, avoiding purchasing those barrels "because there is such outrage in Europe about what is happening in Ukraine.”

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