BNO - Potential release from U.S. oil reserves seen failing to ease prices

President Joe Biden conceded Saturday that OPEC+ would not be able to raise oil production enough to meet U.S. demands while also lowering prices, and said he was weighing various options including whether to tap the Strategic Petroleum Reserve. This week, OPEC+ rejected Biden's request for a larger boost in production and stuck to its plan for gradual monthly increases. A release from U.S. oil reserves likely would have little affect on prices, according to a Bloomberg analysis. Since sweet crudes comprise only ~40% of U.S. reserves, a release might consist mainly of sour crudes that have fallen out of favor with refiners because they require additional processing, which requires expensive natural gas. Because of certain mandatory sales and a minimum level required at the storage sites, Bloomberg says the U.S. may have the ability to release a maximum of just 60M barrels, barely more than three days' worth of

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Potential release from U.S. oil reserves seen failing to ease prices