Wednesday 24 November 2021

US discharges oil storage: Latest Update

The United States will release 50 million barrels of crude oil from its Strategic Petroleum Reserve along with China, Japan, India and South Korea, the White House said in a statement - an unprecedented effort that included coordination of the largest oil consumers to tame prices.  The decision to collectively "discharge" crude inventories after OPEC+ countries rejected calls to significantly boost output marked a diplomatic victory for the United States and challenged Saudi Arabia, Russia and other OPEC+ producers in the market.



 WTI oil prices are down 1.45% on the day to $75.64/barrel.

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