Let’s not forget less than a year ago we were oil independent. We were net exporters of oil. The production of oil, in the United States, was effecting the price of oil across the world. Biden shut all of that down and now we’re back to begging OPEC to increase production and releasing oil from strategic reserves. Now OPEC and Russia respond to Biden’s gambit to release oil from the U.S. Strategic Oil reserve.
The U.S.-led crude release of up to 70 million barrels threatens to further scramble the supply-demand balance.
To compensate for the new supply, Riyadh and Moscow are now considering a pause of the group’s monthly collective increase, OPEC delegates said. The U.A.E., a powerful OPEC member that has clashed with Saudi Arabia over OPEC policy in the past, and Kuwait are resisting a pause, according to the delegates.
Saudi Arabia sees the released crude as potentially swelling global supply and threatening to reduce prices, according to people familiar with the country’s thinking.
OPEC Weighs Shift in Oil Policy After Crude Release – WSJ