OPEC hints it might tighten crude supplies in response
The situation remains in flux and the plans could change but the U.S. is considering a release of more than 35 million barrels over time, according to two of the people. The pending announcement was described by people who requested anonymity prior to official statements.
International Energy Forum Secretary-General Joseph McMonigle said in a statement Monday that OPEC+ may change its plan for raising oil output if consuming nations sell petroleum reserves or the coronavirus pandemic worsens. Representatives of the U.S. Energy Department didn’t immediately respond to a request for comment. A spokeswoman for the White House said no decision had been made on a release and that the U.S. has been in contact with other countries and that a range of options to temper prices are under consideration.Article content
Japan’s TV Asahi reported Monday that Tokyo is preparing to release crude from its national stockpiles. Japanese Prime Minister Fumio Kishida had said his government was considering a release from reserves in coordination with countries such as the U.S.
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