RE:Opec cut 1.16 millions bpd..Payback for the SPR releases last year, 'voluntary' cuts may be responsible for January production that is 1.8 mmb/d under OPEC official quota. If demand destruction priced in to WTI does not materialise, WTI is only a refinery fire or oil spill away from last year's highs if not higher.
Joe will encounter pushback if he attempts to sell more SPR, which he will. Failing to contract for SPR refills is a strategic error that the US will pay for.