IAE countries to release 120m barrels of oil from reserves (including 60m from the US)

When Biden announced the 180 million barrel US SPR release, he said other countries would add 30-50 million barrels. This report says the release will be 120 million barrels but that includes 60m of the 120m US barrels. So we’re talking about 60 million, which is more than Biden said but I’d be careful with this one until the details are clearer. Those other barrels might be double-counted as well.

This is from a Reuters report, citing two sources.

WTI has stabilized near $101.50 after falling on the US inventory report.

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