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The Commodities Feed: Oil stock release imminent
A US announcement of an oil release from the strategic petroleum reserves appears to be imminent. Media reports suggest that an announcement of a coordinated release could happen as soon as today (Tuesday). Those potentially joining the US could include China, India, Japan and Korea. The US would likely make up the bulk of any release. Reports suggest that the US share could be in the region of 35MMbbls. There is little known on the potential size of releases from the other key consumers, although if it was to be prorated relative to consumption levels, it would be a significant addition. The last IEA coordinated ... (full story)