US, China, Japan, India, South Korea crude release may draw OPEC ire

The decision to collectively discharge stockpiled crude after OPEC countries rebuffed calls to significantly boost production marks a diplomatic win for the US and a challenge to the grip that Saudi Arabia, Russia and other OPEC producers have on the market.
Three of the world’s largest oil consumers will release crude from its Strategic Petroleum Reserve. (Reuters)
Three of the world’s largest oil consumers will release crude from its Strategic Petroleum Reserve. (Reuters)
Published on Nov 23, 2021 07:01 PM IST
Copy Link
Bloomberg |

The US will release 50 million barrels of crude from its Strategic Petroleum Reserve in concert with China, Japan, India and South Korea, the White House said in a statement -- an unprecedented, coordinated attempt by three of the world’s largest oil consumers to tame prices that could prompt a backlash by OPEC .

The decision to collectively discharge stockpiled crude after OPEC countries rebuffed calls to significantly boost production marks a diplomatic win for the US and a challenge to the grip that Saudi Arabia, Russia and other OPEC producers have on the market. 

SHARE THIS ARTICLE ON
Topics
Close Story
SHARE
Story Saved
OPEN APP
×
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, December 03, 2021