Posted: 10.08.2023 15:21:00

Expert: Biden missed opportunity to buy oil for US at low prices

In his article for Asharq Al-Awsat, Saudi journalist Wael Mahdi noted that the US President Administration missed an opportunity to purchase oil for strategic reserves at low prices, and the country accordingly put itself in a difficult position, since oil exporting countries are reducing production to maintain prices, TASS reports


Mr. Mahdi explained, “The Administration of US President Joe Biden has put itself in a difficult position regarding oil when it decided to postpone plans to replenish strategic oil reserves again. At the beginning of 2023, it missed an opportunity when oil prices were below $80 and dropped to $60. I do not know who is responsible for energy policy in the Administration, but it is quite clear that they are not aware of the changing oil prices.”

According to the expert, the strategic oil reserve in the United States is now at its lowest level in 40 years and amounts to about 347m barrels.