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Biden, Allied Leaders Discussed New Round of Oil Reserve Release

  • Senior aide says oil was a major issue, particularly for G-7
  • Biden is seeking to ease energy market fallout from Russia war
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BofA’s Blanch Has an 'Ugly Scenario' Call for Oil: $200-Plus

The U.S. and other major economies this week discussed oil supply and the potential for another round of releases, President Joe Biden’s top national security aide said, raising the prospect of new government intervention to ease supply strains.

National Security Advisor Jake Sullivan said oil prices and tapping emergency stockpiles were discussed in sessions Thursday in Brussels, where Biden met with NATO, Group of Seven and EU counterparts. It came up in particular with the G-7, and it was a “major topic of conversation,” he said.