We already knew this from various reports this week.
US President Biden is mulling releasing reserves from the US' Strategic Petroleum Reserve (SPR). And his administration has approached China and Japan to release from theirs.
This all comes as gasoline prices skyrocket and US pleas to OPEC+ to further boost oil output falls on deaf ears.
Crossing news wires now :
- no decision on US SPR release has been made yet
- if there is a release it could take the form of sale and/or loan from reserves
- release of reserves would need to more than 20 to 30m barrels 'to get message to OPC' says the source
More:
- US asked India, South Korea to consider oil reserve release
- US did not ask European countries to release oil from reserves
- US officials asked large oil-consuming countries to release oil after pleas to OPEC to supply more failed
Citing an unnamed source
So far this all just jawboning, but, its capped oil prices for the time being. Even sent them a few $ lower.
Biden spoke with Xi this week:
