By Walé Azeez, CNN Business
Some of the world’s biggest energy-consuming nations are joining a US-led effort to release strategic oil reserves to try to cool high prices and tame inflation.
In a statement issued Tuesday, the White House said China, Japan, India, South Korea and the United Kingdom would join the initiative following weeks of discussions to formulate a plan to arrest price hikes.
The International Energy Agency, which monitors global oil supplies on behalf of the world’s leading economies, said it respected the decisions made by individual countries on “how best to respond to the specific challenges and circumstances they each face.”
“We recognise that the rise in oil prices is placing a burden on consumers and has added to inflationary pressures during a period when the economic recovery remains uneven and faces a range of risks,” the agency said in a…