if the SPR is no longer relevant, then why did Biden authorise tylhe of 1 million barrels per day from the reserve? well, it runs out in 6 weeks. on Oct 5, OPEC+ meet. theyre not happy with the current price, they'll meaningfully cut production. weeks after that, we have the Chinese Communist Party Congress where Xi is going for another term. we'll get to learn more about Chinas stimulus measures anfd pivot away from covid zero just in time for the winter. being bullish on the oil price is a no brainer. and if putin uses a tactical battlefield 1 kiloton nuke in ukraine, the price will explode. with ukraines recent territorial advances, everyone was prob thinking the war will be over. well, the mobilisation put a spanner in the works!
if the SPR is no longer relevant, then why did Biden authorise...
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