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13:30ET/18:30GMT: Biden Expected To Announce SPR Release

WHITE HOUSE

13:30 ET 18:30 GMT: US President Joe Biden is expected to announce a significant release of oil from the US strategic petroleum reserve today at the White House. The address is entitled: 'The Administration’s actions to reduce the impact of Putin’s price hike on energy prices and lower gas prices at the pump.'

  • A livestream will be available here: https://www.whitehouse.gov/live/
  • Biden's remarks will follow an OPEC ministerial due to begin shortly which is expected to maintain a modest production hike of approximately 432,000 b/d.
  • Daniel Lacalle: 'United States announcing SPR release. Highest since its creation in 1974. A 180mb release or c1mbd for several months. Around two days of demand.'
  • The New York Times: 'President Biden is said to be considering releasing a million barrels of oil a day from U.S. reserves, for up to 180 days.'
  • Oil markets have reacted to the news with a sharp drop in the price of WTI and Brent crude.

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