The US government has signalled a “new era” of activist intervention in international oil markets, experts said, with the White House increasingly willing to use its strategic stockpiles of crude to manage global prices.
President Joe Biden this week authorised the final instalment of a record 180mn barrel drawdown from the US Strategic Petroleum Reserve and told his officials to prepare for further releases as the White House looks to keep a lid on prices ahead of midterm elections next month.
Market participants said further drawdowns were likely this winter to counter a rise in prices driven by a clampdown on Russian exports.
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