AlwaysFree: US Could Adjust SPR Release Timing If Oil Prices Drop, Official Says

David Turk, the US Deputy Energy Secretary, said on Wednesday that the Biden administration could adjust the timing of its planned release of crude from the country’s strategic petroleum reserves (SPR) if global oil prices drop substantially. Turk added that other oil-consuming countries that participate in the US-led SPR release could also adjust their timing based on their needs. He also noted that the government is weighing a proposal by some lawmakers to suspend crude oil exports to maintain domestic fuel prices.

Last week, President Joe Biden announced the release of 50 million barrels of SPR crude oil in a coordinated effort with China, Japan, South Korea, and India to curb soaring energy prices. Oil prices have since declined, but that was mostly due to concerns about the new coronavirus Omicron variant. Market analysts and participants said the release was too small to cut prices significantly and would likely be short-lived. Some of them also criticised that the move could depress prices of domestically-produced crude.

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