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US to Loan 40M Barrels of Oil Amid Ukraine War Supply Crisis
The US is lending 40 million barrels of oil from its Strategic Petroleum Reserve to combat rising prices due to the Ukraine war. This move aims to stabilize energy markets affected by conflicts in Ukraine and Iran, as Indian refiners face dwindling Russian oil supplies and increased competition with China. The initiative is crucial for maintaining energy security and affordability.
βοΈ AI Verdict
"A strategic move to keep oil prices in check during turbulent times."
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File ID: #410488Original Source: Times Of India β
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