Oil markets reacted strongly to the World Health Organisation's Omicron announcement
Letter from Houston: Omicron moves the dial
Covid-19 variant sends oil price tumbling as SPR release makes little impact
US president Joe Biden’s long-heralded announcement on 23 November that the country would release 50mn bl of crude from its Strategic Petroleum Reserve (SPR) had only a small impact on crude prices, mainly because the market quickly worked out that the headline figure was somewhat misleading. Similar vague announcements from the UK (which has no SPR) and several Asian allies did not impress market participants either. Firstly, 18mn bl of the volumes released by the US were already planned to be sold by end-2022, as required by Congress. And secondly, the remaining 32mn bl—although genuinely new volumes—will be put on the market on an exchange basis, being released gradually over four months
Also in this section
12 December 2025
The latest edition of our annual Outlook publication, titled 'The shape of energy to come: Creating unique pathways and managing shifting alliances', is available now
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
