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🇺🇸🇪🇺 That big 100 million barrel G7 fuel release might not be that big at all...
When Trump threatened to cut off U.S. diesel exports, the G7 agreed last week to release 100 million barrels of oil and diesel from emergency stocks.
Now it turns out a lot of that may be barrels already promised back in March, when the IEA announced a record 400 million barrel release.
About 75 million of those barrels still haven't gone out, and EU diplomats expect them to count toward the new 100 million.
JP Morgan put it bluntly, saying the headline number doesn't look like 100 million barrels of new supply.
So the deal that got Trump's cheers may be more old oil in a new package.
Source: Reuters
#USGovernment #worldnews
🇺🇸🇪🇺 That big 100 million barrel G7 fuel release might not be that big at all...
When Trump threatened to cut off U.S. diesel exports, the G7 agreed last week to release 100 million barrels of oil and diesel from emergency stocks.
Now it turns out a lot of that may be barrels already promised back in March, when the IEA announced a record 400 million barrel release.
About 75 million of those barrels still haven't gone out, and EU diplomats expect them to count toward the new 100 million.
JP Morgan put it bluntly, saying the headline number doesn't look like 100 million barrels of new supply.
So the deal that got Trump's cheers may be more old oil in a new package.
Source: Reuters
#USGovernment #worldnews