11 Sep 2023

With a supply deficit of more than 2.5mn barrels a day through Q4, it is probable that Biden administration will not draw on the SPR so far ahead of the actual election date

Especially given the fact that SPR (Strategic Petroleum Reserve) are already running low. It seems more plausible that Joe Biden will concentrate the SPR ammunition around Q2-Q4 next year. This creates another supply risk in the short-run for the oil market Source: Andreas Steno

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