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Earlier this week, the Biden Administration rejected offers from companies to sell crude to refill the SPR in a sign that refilling the strategic reserve could be more difficult than anticipated
Member countries of the International Energy Agency will be releasing a total of 182.7 million barrels of oil from emergency stocks over six months
While the massive SPR release as announced by U.S. President Biden will have short-term bearish effect, the supply situation in global crude markets remains tight
The Biden Administration could couple releases from the Strategic Petroleum Reserve (SPR) with a longer-term policy to support the U.S. oil industry if it wants to reduce the soaring gasoline and oil prices acording to Chevron CEO Mike Wirth
Despite rallying oil prices this year, China has been stocking up on crude oil, ignoring U.S. calls for a global coordinated release from strategic reserves