Strategic Global Release of Crude Hangs Over OPEC+: Oil Strategy
- OPEC+ set to ignore consumer calls for a bigger output boost
- Having called the play, Biden will have to follow through
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Oil ministers from the OPEC+ group of producing nations are meeting on Thursday, having given the market clear signals that they will ignore calls for an injection of extra crude.
In so doing, they are pushing consumer countries toward a global, strategic release of crude reserves, writes Bloomberg oil strategist Julian Lee.