RE:50 Million Barrels This is not OPEC+ first rodeo, so Sleepy Joe releases 50M barrels but possibly OPEC+ cut back by 100M?
what happens to price of oil then?
Experienced wrote: That's the number that Biden is going to release from the Reserve. Although in actual fact is really 32 million as 18 million were going to come out anyway.
The last time the US Government release 30 million barrels out of the Reserve it was just a blip and was more political than having any meaningful economic impact.
Since the price of oil has already gone down about 10% it will beinteresting how this will play out and how long it will last. Interestingly at the same time Biden is attacking the oil companies for price gouging - How to win friends and influence people - lol