The US has finally announced that it will be releasing 50MMbbls of crude oil from its Strategic Petroleum Reserve (SPR) to help lower prices. A handful of other countries have joined the US with this initiative. While releases are clearly bearish in the short term, the big unknown is how OPEC+ will respond The US has announced that it will release 50MMbbls of crude oil, with 32MMbbls coming in the form of an exchange. The remaining 18MMbbls will be advanced mandated sales. Deliveries for the exchange will take place between 16 December 2021 and 30 April 2022. This crude oil will have to be returned in calendar years ... (full story)