Biden urges oil companies to increase production
Biden announces oil reserve release
Washington will take 1mn bl/d from SPR for the next six months
President Biden has announced that the US will release 1mn bl/d from its Strategic Petroleum Reserve (SPR) for the next six months, adding a total 180mn bl to the market over the period. “This is a wartime bridge to increase oil supply until production ramps up later this year. And it is by far the largest release from our national reserve in our history,” Biden said in a speech. The release is being “coordinated... with allies and partners around the world”, the president continued, adding that “we have commitments from other countries to release tens of millions of additional barrels into the market”. “I want to acknowledge those companies that have already announced they are increasing im
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
