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Asia looks at SPR shock treatment for high oil prices after U.S. request

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Reuters

By Heekyong Yang and Aaron Sheldrick TOKYO (Reuters) – Some of the world’s biggest crude oil buyers said on Thursday they are looking at tapping strategic oil reserves after several sources told Reuters the United States had requested a coordinated move to cool global energy prices. Oil prices are down around 4% since Wednesday as the shock treatment seemed to take effect. The administration of U.S. President Joe Biden asked big oil buyers like China, India and Japan to consider releasing crude stockpiles, according to several people familiar with the requests. The unusual move comes as Biden,…

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