The Energy Minister of Oman, Mohammed Al-Rumhi, was quoted by FXStreet as saying that the OPEC+ group is unconcerned about a probable release from the US Strategic Petroleum Reserve (SPR).
For some time, US President Joe Biden is reportedly considering releasing strategic American crude inventories to bring down high gasoline prices. Although no decision has been made, pleas for the SPR to be released have been louder in recent days.
Last Friday, the US government was still debating whether it should act now to lower the country’s highest gasoline prices in seven years or wait for the market to correct itself. According to reports, certain officials at the US Department of Energy are opposed to an SPR release.
On Sunday, Senate Majority Leader Chuck Schumer called on the government to tap the strategic reserve. At a news conference carried by Reuters, Schumer said: “We’re here today because we need immediate relief at the gas pump and the place to look is the Strategic Petroleum Reserve.”
The impact of the highest gasoline prices in seven years on American consumers and their spending power is increasingly concerning to the US administration. According to AAA calculations, the national average price of a gallon of regular gasoline was $3.415 as of November 15.
According to analysts, releasing the SPR would only have a short-term impact on supply in the United States and will have no significant impact on the worldwide market. However, speculation about an SPR release and mounting pressure on President Biden to address high gasoline prices knocked on international crude oil prices early Monday, with both benchmarks down 1.3% and WTI Crude trading at $79.73, below $80.