Trevor Hunnicutt and Jarrett Renshaw by Timothy Gardner

WASHINGTON (Reuters). The Biden administration has requested that the top oil-consuming countries consider releasing their crude resources in an effort to reduce prices and spur economic recovery.

In late October, global oil prices reached seven-year highs. After pandemic restrictions, people are returning to rails and roads. Despite this, the supply of oil hasn’t kept up with the demand.

President Joe Biden has repeatedly urged the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, to slow down their increase in supply.

Biden has been bringing up this issue in the past weeks with top aides, and with Japan, South Korea, India, and China.

Many people who are familiar with this matter warn that these negotiations haven’t been concluded and no final decision has been made on whether or not to pursue any of the other options regarding oil prices.

The White House refused to discuss the details of conversations that were held with specific countries. According to a spokesperson of the White House National Security Council, “No decisions were made.”

A spokesperson said that the White House had been saying for several weeks that it was “talking to other energy consumers to make sure that global energy supplies and prices are not in danger of threatening the recovery.” We have ongoing discussions and a variety of tools to help if necessary.