Take That Putin: US To Release 5 Million Barrels From Strategic Petroleum Reserve In "Test"

Tyler Durden's picture

WTI crude prices are faling rapidly as Reuters reports that the US is set to 'unleash' its Strategic Petroelum Reserves in a "test-sale"...

  • *U.S. TO RELEASE CRUDE FROM STRATEGIC PETROLEUM RESERVE: REUTERS

Of course, this is a direct aim at Putin's pocket-book as his stumbling economy needs high prices to sustain itself. However, the 5 million barrell release is less than a third of the US daily consumption rate (though does sound some alarms we are sure).

 

 

Via Bloomberg,

U.S. to release up to 5 million bbls of crude from Strategic Petroleum Reserve (SPR), Reuters reports, citing govt “source.”

SPR to be test sale, check operational capabilities of system infrastructure; timing unclear

 

By way of reference, this 5 million barrel release compares to average US consumption of around 18 million barrels per day.