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U.S. Announces Coordinated Oil Release That May Draw Ire of OPEC -Breaking

by Mike Robinson

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U.S. United States Announces Coordinated Oil Supply That May Draw Remarks from OPEC

(Bloomberg) — The U.S. will release 50 million barrels of from its Strategic Petroleum Reserve in concert with China, Japan, India and South Korea, the White House said in a statement — an unprecedented, coordinated attempt by three of the world’s largest oil consumers to tame prices that could prompt a backlash by OPEC+.

After OPEC+ countries rebuffed requests to substantially increase production, the U.S. has taken the decision to release its crude stockpiled crude. It is a diplomatic win and a challenge for the market’s hold on Russia, Saudi Arabia, and the other OPEC+ oil producers. 

 

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