UK release will be voluntary up to 1.5 million barrels
The releases of oil reserves from the United States, China, India, Japan and South Korea were all well telegraphed, but the surprise name on the list was the United Kingdom, which had no not mentioned.
However, British barrels are negligible. Argus reports that this will be a voluntary release of UK companies from Up to 1.5 million barrels, citing the UK Department for Business, Energy and Industrial Strategy.
Oil is now green that day, which will be a nuisance for this masquerade.
To be clear, that’s up to 1.5 million barrels in a global market that burns 100 million barrels. per day. Add the fragile and repackaged pledges elsewhere and it’s at most half a day of global demand. It’s a finely balanced market, but the only long-term solution is to drill more or dampen demand.
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