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11/29/2021, 6:20 PM (Source: TeleTrader)
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US ready to release more oil if necessary - Hochstein

United States State Department senior advisor for global energy security Amos Hochstein said on Monday that the Biden administration is ready to release more oil from the Strategic Petroleum Reserve (SPR), if necessary, to stabilize oil markets.

"30 million barrels were an exchange where companies and traders can take the oil now and return it over a scheduled period of time. That means the Strategic Petroleum Reserve will be replenished ... therefore, we have more flexibility to be able to do this again in the future if the need arises," Hochstein told CNBC.

OPEC has previously cautioned that SPR releases could create an oversupply of oil, while Iraq's oil ministry warned that oversupply could lead to a "collapse" in prices.

Baha Breaking the News (BBN) / IB