FILLING THE OIL VOID
OPEC led by Russia and Saudi Arabia have rejected repeated calls to increase the supply of oil ahead of winter, has led major economies to release their strategic petroleum reserves.
The US, Britain, China, India, Japan and Korea have released tens of millions of barrels of crude oil from their strategic stockpiles. This move was to lower climbing global prices and avoid a global recession and a oil shock amidst the recovery from the Covid pandemic.
The US released 50 million barrels from its 620 million barrels. Oil prices still remain high and has left oil traders unhappy. They were expecting about 100 million barrels not 50 million.
Biden administration officials confirmed the release will lower gas prices in the coming weeks. President Biden is reportedly fuming at the OPEC refusal to increase production. OPEC Plus nations may reconsider their decision in a meeting next week.
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