25 November, 2021
Oil prices were little changed on Thursday with investors waiting to see how major producers respond to the emergency crude release by major consuming countries designed to cool the market, even as data pointed to healthy U.S. fuel demand. All eyes are now on the Organization of the Petroleum Exporting Countries, Russia and allies, together called OPEC+, who are due to meet next week to discuss oil demand and supply. Three sources told Reuters OPEC+ is not discussing pausing its oil output increases, despite the decision by the United States, Japan, India and others to release emergency oil stocks. Traders are waiting to see if China will also release its reserves after saying it would consider doing so. High oil prices have added to inflationary concerns. A coordinated release from state oil reserves led by the United States could add around 70 million to 80 million barrels of crude supply to markets, analysts at Goldman Sachs said. However, ANZ said the release of 70 million barrels of oil reserves could be enough to balance the market.