‘Oil War’ Unleashed by Biden’s SPR Release Could Mean $300-a-Barrel Crude, Analyst Warns

On Tuesday, Saudi Energy Minister Prince Abdulaziz bin Salman warned the Biden administration that its decision to further chip away at the US’s emergency oil reserve by releasing an additional 15 million barrels of crude could result in “pain” “in the months to come.” Washington moved to open the taps after OPEC+ agreed to cut production.