Dear Oil, Financial Times: "Biden's action failed"

• White House: OPEC + risks endangering the recovery

• Biden's move: "The US will release 50 million barrels of oil from strategic reserves"

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November 24, 2021 Yesterday the US president announced the release of "50 million barrels of oil from strategic reserves" to calm the rising price of crude oil. Today - according to the prestigious British economic newspaper - the negative response of the markets: Brent has returned to exceed 80 dollars a barrel and in the morning has risen above 82. A new rise for the prices of refined products.

A "boomerang effect" on oil prices, according to some analyzes, from the announcement by Joe Biden on the use of US strategic reserves: instead of obtaining a worrying rise in prices, it has triggered new increases. 

The United States announced last night the release of 50ml barrels of oil from strategic reserves, in coordination with China, India, South Korea, Japan and Great Britain, to cool energy prices. After many calls to OPEC + to increase the offer, Joe Biden had decided to go it alone. Washington's effort to collaborate with major Asian economies to lower energy prices was a warning to OPEC + to intervene on crude oil prices that have risen by almost 60% since the beginning of the year: "It is unacceptable for companies to take profits. ", concluded the president. Today, the cold shower from the markets.

For its part, China has confirmed that it will draw on its oil reserves "in collaboration with other countries, to bring down the prices of black gold".

Chinese Foreign Ministry spokesman Zhao Lijian told reporters, adding: "It will take other measures necessary to maintain market stability, according to its current needs and conditions"