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

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

The administration of U.S. President Joe Biden asked big oil buyers

The U.S. move also reflects frustration with members of the Organization of the Petroleum Exporting Countries and its allies who have rebuffed repeated requests from Washington to speed up production increases. The United States and its allies have coordinated strategic petroleum reserve releases before, for example in 2011 during a war in OPEC member Libya.

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