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$70 Oil Won’t Keep OPEC Happy

December 3, 2021 by

OPEC now has more than one good reason to pull supply back. First, the U.S. reserve release move, which also involved other large oil consumers that happen to be Washington’s allies, had no chance of being welcomed by the oil-producing cartel. In fact, reports emerged almost immediately after the SPR release announcement that Saudi Arabia and Russia, the leaders of the extended OPEC+ alliance, were already considering a suspension of the output boost policy.

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