Barron's: "OPEC Is Losing Its Power in Setting Oil Prices. What It Means for Stocks."
An article in Barron's about the global oil market, war in Ukraine, and the US' strategic petroleum reserve quotes RFF President and CEO Richard Newell and cites a study he co-authored.
Past U.S. releases have shaved 15% to 20% off prices, according to a 2017 study by nonprofit research organization Resources for the Future, or RFF. And those prior releases were much smaller—during the Libya conflict in 2011, the U.S. sold 60 million barrels. President Joe Biden’s emergency release was 180 million barrels, though stretched out over a longer period of time. Richard Newell, an author of the paper and the president of RFF, says it’s difficult to pinpoint the exact financial impact of this year’s SPR release, but that it was almost certainly more than the prior releases he studied.
