Release 180 million barrels of oil reserves! Meiyou lost the $100 mark！

The recent surge in oil prices is further pushing up US inflation. In order to cool oil prices, US President Biden will announce the large-scale release of the national strategic oil reserve (SPR) on Thursday (March 31) local time. It is expected that 1 million barrels will be released every day for several months, and the total release may be as high as 180 million barrels!

U.S. media reported that this will be the third time since last November that the United States has released oil reserves, and may become the largest in U.S. history.

What is the concept of 180 million barrels of oil? US media said that this is equivalent to about two days of demand in the global oil market. According to the data of the US Department of energy, the United States currently holds 568.3 million barrels of oil reserves, the lowest level since May 2002. Its role is close to the supply brought by the return of Iranian crude oil to the market, which will greatly alleviate the current tight market supply situation.

As soon as the news came out, the international oil price fell rapidly, and the US WTI crude oil futures in May closed down 1.01% to US $99.27/barrel, a new low since March 16; Brent crude oil futures in June fell 0.34% to US $104.35/barrel, the lowest since March 16.

Recently, after the International Energy Agency (IEA) held an emergency meeting, it was announced that under the leadership of U.S. energy secretary Granholm, 31 Member States reached a resolution to sell strategic oil reserves again, but did not clearly give the amount of reserves that all parties are more concerned about.

International oil prices rose, while domestic prices fell; International oil prices have fallen. There is no doubt that we have fallen even worse.