Biden Releases Sour Crude That’s Out of Favor With U.S. Refiners
Oil diplomacy took a new turn on Tuesday as the U.S. announced a coordinated release of strategic reserves with five other countries, meant to cause oil prices to fall. OPEC clearly has more power than the U.S. and other big oil consumers to set the terms of the market. Unlike the U.S., which oversees but doesn’t control domestic oil production, OPEC members have much wider influence over their production levels.