Zero Hedge – by Tyler Durden
As was widely leaked yesterday, moments ago the White House announced that it will release 50 million barrels of crude 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+.
The release, which as we noted will come in the form of an SPR Volume Exchange meaning “in the years ahead” the SPR will have to replenish the release almost certainly at much higher prices, will amount to 32 million barrels, and is in line with expectations of 30-35 million; as a reminder, 18 million has already been authorized by Congress and will be sped up. Continue reading “US Announces Coordinated, Global Oil Release Of Up To 50 Million Barrels, As Expected”