OPEC+ has issued a grave warning to countries that look to release crude oil from their strategic reserves OPEC delegates: releasing millions of barrels from major oil consumers’ SPRs is not supported by market conditions OPEC+ has issued a grave warning to Japan, the United States, China, India, and South Korea: unleash millions of barrels of oil from your emergency stockpiles, and we are likely to respond. That response, although OPEC+ failed to mention specific figures, would likely be changing their plans to ramp up production more slowly to compensate for the extra barrels released. History has shown that OPEC+ members are willing to do whatever it takes to maintain their market share and keep prices within an ideal range. In 2020, right before the pandemic, Russia and Saudi Arabia engaged in a tit for tat involving oil production and exports—switching to a pump at will policy that flooded […]