US, Allies Weigh Oil Reserves Release after Ukraine Invasion

The U.S. and its allies are weighing a coordinated release of oil reserves amid soaring prices and tightening supplies after Russia invaded Ukraine, an OPEC+ source and a senior industry source told Reuters.

Oil prices have hit their highest since 2014 following the invasion and after Western allies have imposed sanctions on Russia, blocking some Russian banks from a global payments system, which is already disrupting oil exports. Some buyers are already shunning Russian barrels, now trading at a heavy discount to world benchmarks. Read full story

Russia, one of the world’s top oil producers, exports around 4-5 million bbl/d of crude and another 2-3 million bbl/d of refined products. China, the EU, South Korea, India and Japan are its main buyers.