The New York Times reports President Biden is considering a plan to release 1 million barrels of oil a day from the Strategic Petroleum Reserve for as long as 180 days in order to drive down energy prices. This comes as the Biden administration is pressing Saudi Crown Prince Mohammed bin Salman to pump more oil as nations look for alternatives to Russian fossil fuel.
Meanwhile, German officials say they’ve struck a deal to keep purchasing Russian natural gas with euros or dollars, after the Kremlin demanded payments in rubles. Chancellor Olaf Scholz spoke by phone with Russian President Vladimir Putin on Wednesday. The two reportedly agreed to a deal that would see Germany make payments to Gazprombank in Russia, which will then convert the Western currency to rubles. Gazprombank, which services Russia’s oil and gas sector, is not on a list of Russian banks sanctioned by the European Union.