Amos Hochstein, the US State Department’s senior advisor for global energy security, on Monday said that the Biden administration is prepared to release more crude from the country’s strategic petroleum reserves (SPR) should oil prices rise again. Hochstein said the US has more flexibility to repeat the move in the future if needed. On November 23, President Biden announced a release of 50 million barrels of SPR crude in a coordinated effort with China, Japan, South Korea, India, and the UK to cool down prices.
The move came after these nations’ calls on OPEC+ to boost supply were ignored. While oil prices plunged more than 10% on Friday, analysts attributed the slump to concerns about the new coronavirus variant, not the coordinated SPR release. Besides, Brent and WTI crude futures recouped some of the losses on Monday as traders evaluated that Friday’s rout was overdone. However, analysts also warned that there is still uncertainty on how much the new virus strain would impact global oil demand and economic recovery.
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Published on November 30, 2021 2:44 PM (GMT+8)Last Updated on November 30, 2021 2:44 PM (GMT+8)
