Major oil consumers challenge “OPEC +” with a coordinated move

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Major oil consumers announced the withdrawal of large quantities of crude oil from the strategic reserves and put them out to calm the prices of black gold in the markets.

And “Bloomberg” agency stated that this step is an unprecedented and coordinated attempt by three of the largest oil consumers in the world to reduce oil prices, noting that the move may lead to a violent reaction by the “OPEC +” group.

And the White House had announced in a statement today, that the United States will release 50 million barrels of strategic oil reserves within the coming months.

He added that this step is being coordinated with moves to withdraw from the strategic reserve by China, India, Japan, South Korea and Britain.

According to the statement, the White House step includes a plan to withdraw 32 million barrels over the coming months from American stocks, in addition to accelerating the implementation of a plan approved earlier to release another 18 million barrels.

India also announced that it would release 5 million barrels of its strategic reserves, while the Japanese government decided to organize the sale of quantities of oil that would be withdrawn from the strategic reserves.

The developments are part of efforts led by US President Joe Biden to release the coordinated stocks, which are seen as a warning to the Organization of the Petroleum Exporting Countries and its allies in what is known as the “OPEC +” group to pump more oil to the markets.



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