UK considers using strategic oil reserves to stabilise prices
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[LONDON] Business Secretary Kwasi Kwarteng is considering releasing oil from the UK's strategic reserve in an effort to stabilise energy prices, according to a person familiar with his thinking.
Kwarteng has already spoken to counterparts in the US, Germany, France and Canada about a coordinated move, the source said. The UK has sufficient reserves to make an effective intervention, the source added.
Kwarteng is due to hold a video conference with the European commissioner for energy, Kadri Simson, on Monday (Feb 28), the source said.
The US government is considering tapping its emergency supply of oil to counter a surge in prices following Russia's invasion of Ukraine. US officials have discussed potential price point triggers and how to coordinate a release with other nations. BLOOMBERG
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