Oman Energy Minister: OPEC+ not concerned about possible US SPR release

Dhwani Mehta FXStreet

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.

WTI bears eye $79.00 amid four-day downtrend, US SPR talks in focus

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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