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OPEC+ Warns of Response as Biden Poised for Oil Reserve Release

  • Producer group may reconsider increase in output: delegates
  • Biden set to announce coordinated stockpile release on Tuesday
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OPEC+ officials warned they’re likely to respond to plans by the world’s largest oil consumers to release oil from their strategic stockpiles, setting up a fight for control of the global energy market.

President Joe Biden is set to announce a plan to release reserves from the Strategic Petroleum Reserve on Tuesday in tandem with China, India, Japan and South Korea, according to officials briefed on the matter. The move, weeks in the planning, is designed to ease this year rise in fuel prices for drivers and businesses.