11/24/2021, 9:25 PM (Source: TeleTrader)
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OPEC: SPR release may increase oil oversupply

An OPEC panel said on Wednesday that several countries' decisions to release oil from their strategic petroleum reserves (SPR) could increase oversupply by 1.1 million barrels a day.

The panel added that, as a result, the global oil surplus may reach 2.3 million barrels per day in January 2022 and 3.7 million barrels per day in February.

On Tuesday, United States President Joe Biden announced the country will release 50 million barrels from its SPR and China, India, Japan, the Republic of Korea and the United Kingdom announced similar moves. Meanwhile, reports emerged that OPEC and its allies led by Russia are considering suspending their plans to gradually increase production due to the coordinated SPR releases by the six countries.

Baha Breaking News (BBN) / NP