US, major oil-consuming nations considering release of over 70M barrels of oil reserves as prices surge - WSJ
|The US and other major oil-consuming nations are considering releasing 70M barrels of oil from their emergency stockpiles as crude oil prices surge, the WSJ reported on Monday, citing European and Persian Gulf officials briefed on the plan. The WSJ report added that the US has informed Saudi Arabia of the move to encourage the "de facto" leader of OPEC not to react by slowing/interrupting its currently planned output hikes, the sources noted. At a meeting later this week, OPEC+ is expected to agree to hiking oil output by 400K barrels per day in April and continuation of its recent policy.
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