OPEC+ Reacts To Biden, May Not Raise Oil Production In December

The response the market has been waiting for has nearly arrived. OPEC+ heavyweights Saudi Arabia and Russia are rethinking their production strategies in the aftermath of several nations’ plans to release crude oil from emergency stockpiles, according to unnamed Wall Street Journal sources. The United States announced on Tuesday that it would release 50 million barrels of crude oil—32 million barrels in the form of an exchange that would need to be replaced in the coming years, and an accelerated release of 18 million barrels that were…