Britain, U.S. may agree to release strategic oil stocksMarch 15, 2012 - 20:51 AMT PanARMENIAN.Net - Britain has decided to cooperate with the United States in a bilateral agreement to release strategic oil stocks, two British sources said, in an effort to prevent high fuel prices derailing economic growth in a U.S. election year, Reuters reported. A formal request from the United States to the UK to join forces in a release of oil from government-controlled reserves is expected "shortly" following a meeting on Wednesday, March 14 in Washington between President Barack Obama and Prime Minister David Cameron, who discussed the issue, one source said. Britain would respond positively, the two sources said. "We regularly consult with the British on energy issues and any discussion that we had was in that context. We will continue to monitor the situation and consult with them and others," an Obama administration official said. Rising world oil prices have pushed U.S. gasoline prices up sharply this year and threaten to choke economic recovery ahead of Obama's bid for re-election in November. Brent crude has gained more than 15 percent since January, trading. It fell $2 on Thursday on news of the likely U.S.-UK release to just under $123 a barrel. Details of the timing, volume and duration of the emergency drawdown have yet to be settled but a detailed agreement is expected by the summer, one of the sources said. Other countries may also be approached by Washington to contribute, a further source said, Japan among them. Previous emergency oil drawdowns, the latest last year, have been coordinated by the Paris-based International Energy Agency (IEA) to meet its mandate to cover substantial supply disruptions on the world oil market. Libyan oil production was closed for much of last year during civil war. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Armenia Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. Armenian Foreign Minister regrets “tragic loss” of Iranian counterpart The Armenian Foreign Ministry has expressed shock over the death of the Iranian President and the Minister of Foreign Affairs. Armenian PM sends condolences to Iran Prime Minister Nikol Pashinyan sent a message of condolence to the Supreme Leader Seyyed Ali Khamenei. Armenia, Turkey discuss restoration of historic bridge The meeting took place on May 17 in Ashgabat on the sidelines of an international conference of ministers of culture. |