World predicted significant excess oil due to United States

In OPEC, it is expected that the “printing” of oil from the reserves of some countries will significantly increase its excess on the global market. It is reported by Bloomberg.

According to the Council of the Economic Commission (OPEC Advisory Body), if the United States, United Kingdom, India, South Korea, Japan will release 66 million barrels from stocks of 66 million barrels, then the excess may increase by 1.1 million barrels per day. Then it will reach 2.3 million barrels per day in January and 3.7 million in February. Some countries stated that they can cancel the production planned for January.

Earlier, US President Joe Biden announced the release of 50 million barrels of oil from the strategic reserve of the country. The decision to use strategic reserves also accepted China, India, Japan, South Korea and the United Kingdom.

In the US, it is hoped that oil prices stabilize and go down. The release of the statespasses of oil is a temporary strategy, while the long-term strategy remains to transition to net energy, earlier the American minister of Energy Jennifer Granholm.

/Media reports.