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India, together with the United States, will hit oil prices

India is going to announce this week the sale of about five million barrels of oil from strategic reserves. Thus, it will join the US plan for a joint strike on commodity prices, Bloomberg writes, citing a source familiar with the situation.

The volume itself is insignificant — half of the country's daily consumption, but the Indian authorities are ready for further tranches, another source of the publication pointed out. The current decision is symbolic in nature as a warning to traders. Indian oil will be sold directly to oil refineries.

Earlier it became known that US President Joe Biden intends to announce the deal on Tuesday, November 23. In addition to India, Japan and South Korea were persuaded, but it is not reported how much these countries decided to sell.

The United States itself uses the reserves of the national strategic reserve, created in 1973 after the global energy crisis, for sale. Beijing does not rule out the possibility of joining Washington's plan but did not report on specific upcoming actions. In addition, against the background of US activity, the OPEC+ member countries did not rule out that they could adjust oil production plans as part of their agreement.

Against this background, oil prices began to decline. As of November 23, Brent is trading below $79 per barrel, and WTI is trading below $76. A month ago, a barrel cost about seven dollars more.

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