Earlier this week, the US and several major oil importers announced their intention to sell part of their strategic reserves to bring down the price. The total volume of interventions from so-called Anti-OPEC is around 70M barrels, of which 50M will come from the US. The announcement of these measures and the quantities caused oil to rise and has added 5% for several reasons. Firstly, the markets did not consider the volumes significant. The volumes announced by the USA cover their consumption in around 2.5 days, with relatively similar moves from Japan and India. There is little doubt that producers have a much ... (full story)