Post by
Farmer12 on Nov 18, 2021 8:00am
SPR release
The U.S. is trying to coordinate a timed release of oil from various countries' stored reserves. Some, like China, have appeared willing. Others, like Japan apparently, have laws specifying situations where relases are appropriate. The U.S. no longer has the same clout in OPEC+, with Russia or crucially with Saudi Arabia. OPEC's biggest customers are more and more in the growing economies of Asia and Saudi Arabia has been playing footsie with Russia lately. Any timed release might backfire and cause OPEC+ to react to limit any major price massacre and harden resolve to maintain prices around $80 U.S. We could be in for some short-term pain though. I have therefore decided to cut my personal budget for pole dancers and sipping whiskey.
Comment by
Grandcentral on Nov 18, 2021 11:07pm
On the subject... https://oilprice.com/Energy/Oil-Prices/How-A-Biden-SPR-Release-Will-Send-Oil-Prices-Even-Higher-In-2022.html