Crude Oil Release in US, China, Japan, India and South Korea Could Draw OPEC Hits – Community News
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Crude Oil Release in US, China, Japan, India and South Korea Could Draw OPEC Hits

The decision to collectively dump the stored crude after OPEC countries rejected calls to significantly increase production marks a diplomatic victory for the US and a challenge to the grip that Saudi Arabia, Russia and other OPEC producers on the market.

The US will release 50 million barrels of crude oil from its strategic petroleum reserve in concert with China, Japan, India and South Korea, the White House said in a statement — an unprecedented, coordinated effort by three of the world’s largest oil consumers to lower prices that could cause a backlash from OPEC.

The decision to collectively dump the stored crude after OPEC countries rejected calls to significantly increase production marks a diplomatic victory for the US and a challenge to the grip that Saudi Arabia, Russia and other OPEC producers on the market.

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