U.S. Announces Coordinated Oil Release That May Draw Ire of OPEC

The U.S. will release 50 million barrels of crude from its Strategic Petroleum Reserve in concert with China, Japan, India and South Korea, the White House said in a statement — an unprecedented, coordinated attempt by three of the world’s largest oil consumers to tame prices that could prompt a backlash by OPEC+.

The decision to collectively discharge stockpiled crude after OPEC+ countries rebuffed calls to significantly boost production marks a diplomatic win for the U.S. and a challenge to the grip that Saudi Arabia, Russia and other OPEC+ producers have on the market.