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Acting Director of EIA: Release of oil reserves can only bring short-term impact to the oil market

 Last Update: 2021-12-07
 Source: Internet
 Author: User

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Foreign news agency news on November 16, Stephen Nalley, acting administrator of the U.
S.
Energy Information Administration (EIA), said on Tuesday that the release of the U.
S.
strategic oil reserves can only have a short-term impact on the oil market
.

Stephen Nalley said that the Biden administration of the United States is considering releasing the strategic oil reserves to cool the rising oil prices, thereby reducing the rise in fuel prices
.

"But the final release of the strategic oil reserves will have a short-term impact on the oil market, and its impact will depend on the amount of reserves released
.
"

Stephen Nalley said that the impact of the release of oil reserves on the oil market may only last for a few months.
Other momentum factors will offset its impact on prices
.

EIA analysts said that if 15-48 million barrels of oil reserves are released, oil prices may fall by US$2/barrel in the short term; US retail gasoline prices will fall by 5-10 cents/gallon
.

U.
S.
crude oil prices rose to a seven-year high in late October, approaching US$85.
50 per barrel, and about US$80.
60 per barrel on Tuesday
.

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