A new and unchartered type of price war is brewing, according to Rystad Energy. A new and unchartered type of price war is brewing in the oil market, according to Rystad Energy’s senior oil markets analyst Louise Dickson. Dickson made the statement in a comment sent to Rigzone after the world’s biggest oil consumers announced plans to release strategic reserves onto the market. “The orchestrated release of what we estimate will be 71.5 million barrels from the U.S., China, India, Japan, South Korea, and the UK comes as a last-ditch effort after OPEC+ repeatedly rebuffed calls to increase supply and ease prices,” Dickson said in the statement. “Instead of patching up a tight oil market and easing prices, the announcement unleashes more uncertainty on how OPEC+ will react and creates a tug-of-war between producers for higher prices and consumers for lower prices, which can only lead to a very […]