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.

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 .

Three of the world’s largest oil consumers will release crude from its Strategic Petroleum Reserve.  (Reuters)

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.