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As was widely leaked yesterday, moments ago the White House announced that it will release 50 million barrels of crude from its Strategic Petroleum Reserve in concert with China, Japan, India and South Korea, the White House said in a statement, an unprecedented, coordinated attempt by three of the world’s largest oil consumers to tame prices that could prompt a backlash by OPEC+.
The release, which as we noted will come in the form of an SPR Volume Exchange meaning “in the years ahead” the SPR will have to replenish the release almost certainly at much higher prices, will amount to 32 million barrels, and is in line with expectations of 30-35 million; as a reminder, 18 million has already been authorized by Congress and will be sped up. The news of a coordinated release comes just hours after Bloomberg reported that India plans to sell about 5 million barrels of oil from its strategic petroleum stockpiles as part of a coordinated move with the U.S. and other allies to pressure prices. India’s crude will be sold to refiners including those operated by Mangalore Refinery and Petrochemicals Ltd. and Hindustan Petroleum Corp., which sent their stock price higher due to the implied arb. While the volume is the equivalent of less than half of India’s daily crude consumption, the release is symbolic as it shows oil consumers are willing to band together against OPEC’s rein over markets.
Here is the full White House Release: President Biden Announces Release from the Strategic Petroleum Reserve As Part of Ongoing Efforts to Lower Prices and Address Lack of Supply Around the World Announcement is in parallel with other major energy consuming nations, including China, India, Japan, Republic of Korea, and the United Kingdom Over the last 18 months, the COVID-19 pandemic forced an unprecedented global economic shutdown. As the world is re-opening from a near economic standstill, countries across the globe are grappling with the challenges that arise as consumer demand for goods outpaces supply. But here in the United States, the economic recovery is stronger and faster than anywhere else in the […]
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