Oil update – Biden’s SPR release plans and the expected OPEC+ response

Updating the latest on oil from Monday US time, in brief:

The talk on the oil reserve release is US President Biden is said to be preparing to announce a strategic petroleum reserve release alongside similar from other countries ( India, Japan and South Korea included) 

  • amount released is expected to around 35mbbl over time,

OPEC said such a release is not justified given current conditions in the market

  •  and would reconsider plans to add more oil production when they meet next week

On the demand side, rising coronavirus cases in Europe and associated movement-limiting restrictions weigh. 

Updating the latest on oil from Monday US time, in brief:

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