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Oil Update – Biden’s SPR Release Plans and OPEC + Expected Response

Updating the latest oil information as of Monday US time at a glance:

The rhetoric of releasing oil reserves is that US President Biden is reportedly preparing to announce a release of strategic oil reserves alongside other countries (India, Japan and South Korea included).

  • the amount released is expected to reach around 35 mbbl over time,

OPEC said such publication was not warranted given current market conditions.

  • and reconsider plans to add more oil production when they meet next week

On the demand side, the increase in coronavirus cases in Europe and the associated restrictions limiting movement are weighing down.


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