U.S and U.K to join forces for a strategic release of oil stocks

United States is all set to make a formal request to the United Kingdom, asking them to cooperate with them on the release of government controlled oil reserves in the meeting scheduled to happen on Wednesday at the Washington. It is expected that Britain would respond in the affirmative.

“We didn’t make any decision, this has to be discussed broadly. We’ve got to look at this issue carefully, it’s something worth looking at. In the Short-term should we look at reserves? Yes, we should” said David Cameron.

A detailed agreement is expected by the next few months after which other details like volume, duration and timings would become clear. Heads of both the nations want to see lower oil prices. Washington might approach other countries including Japan, for the same.

White House spokesperson Jay Carney said that Obama and Cameron discussed oil prices but he did not comment if they discussed about the oil reserves. With Obama’s re-election impending around the corner, U.S cannot achieve effective economic recovery with rising oil prices.

 

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