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On Potential Oil Export Ban: 'All Choices On Table'

WHITE HOUSE

Following the announcement that the US will deliver a larger-than-expected reserve release from the Strategic Petroleum Reserve, a White House spox states, when asked about a potential oil export ban, that 'all choices are on the table'.

  • Dep't for Energy states that the release will be taken in parallel with other major energy consuming nations including China, India, Japan, South Korea and the United Kingdom. Comes as US petroleum prices have doubled in the past 12 months.
  • White House: "Today's announcement reflects the President's commitment to do everything in his power to bring down costs for the American people and continue our strong economic recovery."
  • Earlier this morning Will Hares at BBG Intel tweeted: "Biden's SPR release is a band-aid solution. OPEC+ to respond, delaying +400k bopd monthly. With higher demand, lower OPEC+ spare capacity, US could find itself in similar spot in 1H22, just with lower SPR risking energy security."
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