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  • The United States plans to announce today the release of oil from the strategic oil reserve
Ekonomické zprávy
23.11.2021

The United States plans to announce today the release of oil from the strategic oil reserve

A source in the Biden administration said that the US is expected to announce on Tuesday the release of oil from the strategic petroleum reserve (SPR) in an attempt to influence the price of oil, which has reached multi-year highs.

The US decided to release oil from the SPR after earlier OPEC+ members rejected requests from Washington and other consumer countries to increase oil production.

Experts note that higher oil prices - and, accordingly, rising gasoline prices - along with an increase in the cost of other consumer goods negatively affect the ratings of the US president, which poses a threat to him and his party ahead of the congressional elections in 2022.

A source in the Biden administration said that the release of oil from the SPR will be announced today, but did not specify the size of this release. The source added that this step will be coordinated with several countries.

Earlier, the US president has already appealed to China, India, South Korea and Japan with a request to release oil from the SPR together with the United States.

Experts note that the impact of the coordinated release of oil from the SPR on the cost of oil will depend on the timing and quantity, but in the case of the release of more than 60 million barrels in about 30 days, market participants may consider this as a "very negative factor for pricing."

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