OPEC Plus warns, probable response to consuming country stockpile release-Bloomberg

Officials from OPEC Plus, consisting of the Organization of Petroleum Exporting Countries (OPEC) and major non-OPEC oil-producing countries, have warned that they are likely to respond to strategic stockpile releases planned by global oil-consuming countries. It is likely to be a conflicting composition over the initiative of the global energy market.

US President Joe Biden is preparing to announce a policy to release strategic petroleum reserves (SPR) in cooperation with multiple countries on the 23rd. Several people familiar with the plan have revealed. The SPR release, which has been under consideration for several weeks, aims to curb fuel price increases for consumers and businesses.

U.S. to release strategic petroleum reserves, in collaboration with other countries-stakeholders

OPEC Plus representatives said stockpile releases by major consuming countries were not justified in the current market environment and that current production increase plans may need to be revisited at next week’s meeting.

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OPEC+ Warns of Response as Biden Poised for Oil Reserve Release(抜粋)

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