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HILL ENERGY BRIEFING: U.S. Poised to Release Oil From Reserve

Nov. 23, 2021, 11:09 AM

President Joe Biden is preparing to announce a release of oil from the nation’s Strategic Petroleum Reserve in concert with several other countries as soon as today, according to people familiar with the plan.

The move, likely in conjunction with India, Japan and South Korea, would be an unprecedented effort by major oil consumers to tame prices after OPEC+ countries rebuffed U.S. calls to significantly boost production. China said it’s working to release some oil from its strategic reserves, days after the U.S. invited it to participate in a joint sale.

The situation remains in flux and the plans could ...

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