US working on a coordinated release of strategic oil reserves – report

oil

The SPR release is reportedly in the ‘early stages’ and would be coordinated globally.

I just don’t think this moves the needle for oil in the bigger picture. There are 600m barrels in the US reserve and Russia produces 12 mbpd. If they were to empty the whole thing in concert with Russian sanctions, that would be 50 days of supply.

But those inventories would need to be rebuilt, likely at much higher prices.

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