RE:RE:RE:Biden finally stop release on SPR..I wonder what Opec's response will be to support a $90 floor price when they can not even produce enough oil to meet their target volume with no impact on oil pricing. One can assume that when demand increases, (inflation controlled, recession overblown, interest rates normalising, economy growing, China demand increasing, consumer travel demand booming). Opec will not pump enough oil to keep the price down to $90.
Don't rule Biden out either, whether it is prodding US producers, desperate SPR sales or making distasteful deals with Venezuela, Iran or SA. Supply will still not meet demand but any supply enhancement will create the volatility needed to keep the market off balance and suppress stocks. Especially, dont rule out another SPR release.