The UK announcement is expected on Friday through the IEA, which is meeting today to consider and evaluate ideas for releases from strategic oil stocks, two sources familiar with the UK plan told Bloomberg. On Thursday, US President Joe Biden announced the largest oil release ever from the US Strategic Oil Reserve (SPR) – 180 million barrels in six months. “After consulting with allies and partners, the President will announce the largest release of oil reserves in history, with one million extra barrels on the market per day on average – every day – for the next six months. The scale of this release is unprecedented: the world has never had oil reserves released at this rate of 1 million a day for this period of time. “This record release will offer a historic amount of supply to serve as a bridge until the end of the year, when domestic production will increase,” the White House said in a statement. “President Biden is coordinating this action with allies and partners around the world, and other countries are expected to participate in this action, bringing the total release to well over an average of 1 million barrels per day,” the White House added. . The SPR release could help the market rebalance in the short term, but would not solve the long-term deficit, Goldman Sachs said on Thursday, commenting on the SPR mass release. “It would, however, remain a release of oil reserves, not a persistent source of supply for years to come. “Therefore, such an issue will not address the ongoing structural supply shortages,” Goldman Sachs said in a research note released Thursday by CNBC. By Charles Kennedy for Oilprice.com More top readings from Oilprice.com:
