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🚨 🇫🇷 🇪🇺 Europe to release 42 million barrels of oil reserves over three months, France says
🚨 🇫🇷 🇪🇺 Europe to release 42 million barrels of oil reserves over three months, France says
- 🇫🇷 France's finance minister says Europe will release 42 million barrels of oil from reserves over the next three months, as part of a commitment to ease prices (newswires, )
- That works out at roughly 0.46 million barrels a day over about 90 days, modest next to the Gulf supply risk after this morning's claims of tankers hitting mines south of Hormuz
FO view: A coordinated European stock draw signals that governments want to cap pump prices, which may lean against further spikes in crude, but the volume is small relative to the Hormuz shipping risk that is driving the premium.
Not investment advice.