In an effort to combat rising prices, earlier this year President Biden began the largest drawdown of the Strategic Petroleum Reserve in U.S. history.
- Oct 31, 2022, 4:00 PM CDT
In an effort to combat rising prices, earlier this year President Biden began the largest drawdown of the Strategic Petroleum Reserve in U.S. history. That was aimed at combating oil prices that had surged past $100/bbl, and it was certainly a factor that helped reduce oil prices. OPEC and non-OPEC allies — generally referred to as OPEC+ — agreed at this week’s meeting in Vienna to reduce production by 2 million BPD from November levels. In comparison, the rate of drawdown of the SPR over the past six months has been less than 1 million BPD.
“The President is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine. At a time when maintaining a global supply of energy is of paramount importance, this decision will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices.
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