Emergency Oil Releases Risk Draining the World’s Last Supply Cushion
Earlier this week, the International Energy Agency, after consulting with G7, said it would release another 100 million barrels of diesel, gasoline, and crude oil. The release is part of a plan announced in March to release 400 million barrels of oil in response to the Hormuz squeeze. But there is a
Source: OilPrice.com
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DW NOTE
The Strategic Petroleum Reserve was drawn to 290 million barrels after Biden's 2022 releases — barely two weeks of consumption. Since then, Hormuz has been shut for 224 days and coordinated releases have resumed. At current draw rates, the world's last volume buffer becomes a political prop with no swing capacity left.