More Than 30 Countries Agree To Release 60 Million Barrels Of Oil From Reserve To Lower Prices - Biden

More than 30 countries have agreed to release 60 million barrels of oil from the reserve to lower prices.

U.S. President Joe Biden wrote this on Twitter, Ukrainian News Agency reports.

He noted that Russia's invasion of Ukraine led to an increase in gas and food prices around the world.

According to him, 70% of the price increase in March was due to the "Putin Price Hike."

“To help deal with this Putin Price Hike, I authorized the release of 1 million barrels per day for the next 6 months from our Strategic Petroleum Reserve — and over 30 countries agreed to release 60 million additional barrels. This is the largest collective release in history," Biden wrote.

He also added that this helped stop a run up in oil prices and has begun to bring those prices down as a result of countries acting together to release reserves.

As Ukrainian News Agency earlier reported, previously President Volodymyr Zelenskyy, in an appeal to the Finnish parliament, called for the introduction of a sanctions "Molotov cocktail" and announced a way to stop payments for Russian oil.

Foreign Minister Dmytro Kuleba called on all countries to stop buying oil, gas and coal in Russia in order to save thousands of lives.