top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.


The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Economic Indicators

31 Mar 2022

Biden to Release 180 Million Barrels of Oil from Emergency Energy Reserves

The Index Today

In the largest ever heave from its emergency resources, the Biden administration is set to issue as many as 180 million barrels of oil from its Strategic Petroleum Reserve (SPR), over the course of multiple months.

This follows the country’s ban on oil imports from Russia — which is a top oil supplier — after it invaded Ukraine late last month, which has resulted in a spike in fuel prices in the United States.

According to Reuters, a New Zealand Energy ministry’s spokesperson revealed in an email that countries part of the International Energy Agency (IEA) are set to convene on Friday to discuss a potential mutual oil release. The email also said that the “meeting will set a total volume, and per country allocations will follow."

The present release of oil from the U.S. emergency reserves is the third one in the past six months and the biggest discharge of fuel in the 50 years of the SPR, reported Reuters. It comes prior to the OPEC+’s meeting on Thursday where it is likely to stick to its original plan of progressively upping its output.

©Photo: Financial Times

Clay pottery with table linens
bottom of page