Green
Biden Wants Major Oil Reserve Sales. That’s Not Easy in Asia
- U.S. lobbies others to use strategic holdings after OPEC+ snub
- Asia SPR releases possible although volumes could be limited
Photographer: Daniel Acker/Bloomberg
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Dwindling inventories and concerns over energy security in key Asian economies may hamstring U.S. efforts to arrange for a sizable and coordinated release of strategic crude reserves in a bid to rein in prices and tackle inflation.
Government-held stockpiles across many countries have edged lower this year, according to data compiled by Bloomberg. That’s limiting the region’s ability to flood markets as part of any potential effort with Washington, traders and analysts said, although the sale of small volumes are possible after OPEC+ snubbed calls for a quicker return of supplies to calm prices.