Oman Energy Minister: OPEC+ not concerned about possible US SPR release
|Oman’s Energy Minister Mohammed bin Hamad Al Rumhi said on Monday, OPEC and its allies (OPEC+) are not concerned about a likely release of oil supplies from the US Strategic Petroleum (SPR) release.
This comes after US Senate Majority Leader Chuck Schumer urged President Joe Biden’s administration to approve fuel sales from the nation's SPR.
Last week, American Energy Secretary Jennifer Granholm said that US President Biden is looking at the SPR release while calling on oil-producing nations to immediately increase crude supplies to mitigate the surging cost of living.
Market reaction
WTI was last seen trading at $79.02, down 0.84% on the day.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.