The US stated on Tuesday that it would release 50 million barrels of crude oil, with 32 million barrels coming from an exchange that will need to be replaced in the future years and 18 million barrels coming from a previously planned release. China, Japan, South Korea, and the United Kingdom have all declared SPR releases at the request of the United States.
President Biden’s failed attempts to persuade OPEC+ to increase production at a faster rate than the organisation had planned—a monthly increase of 400,000 barrels per day until the group’s complete production volumes have been restored—led to the SPR release.
OPEC+ warned those oil-producing nations in the days leading up to the release that it would respond to a coordinated SPR release. OPEC+ said at the time that it might reconsider its plans to increase production, though it did not specify how much.