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The oil war is on the verge of

  • Author:Carria Wang
  • Source:Original
  • Release on:2021-11-25

After USA announced the release of oil reserves, Saudi Arabia, Russia and others considered suspending their plans to increase production.

"Wall Street Journal" news on November 25, people familiar with the matter disclosed that after the United States and other countries announced that they would release large amounts of oil reserves to reduce oil prices, major oil-producing countries such as Saudi Arabia and Russia are considering suspending their recent plans to provide more oil to the world.

In the demand shock caused by the epidemic last year, OPEC and other oil-producing country groups closely coordinated production. People familiar with the matter said that the United Arab Emirates and other OPEC member states do not think it is necessary to suspend production.

The United States said on Tuesday that the United States and several other countries will release their respective national strategic oil reserves when oil and gasoline prices remain high. The United States has repeatedly tried to persuade OPEC+ to increase production. OPEC+ will meet next week to evaluate the long-term agreement they reached earlier this year to increase collective oil production.

According to people familiar with the matter, Saudi Arabia believes that the release of its strategic oil reserves may inflate global supply and cause prices to fall.

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