President Biden signing off on an oil release from the Strategic Petroleum Reserve (SPR) to cool elevated prices may have some effect, but not a ton, warns Goldman Sachs.
“Conceptually, such a release would help the oil market rebalancing in 2022, increasing supply by 1 millions barrels per day for six months, for example. This would reduce the amount of necessary price-induced demand destruction, the sole oil rebalancing mechanism currently available in a world devoid of inventory buffers…
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