Publications: Notes at the Margin

The Petro Credit Crunch Avoided by the SPR Release (April 4, 2022)


The March 31 announcement of the release of one hundred eighty million barrels from the US SPR followed by the April 1 announcement that other IEA members would release additional volumes must be seen in the context of the financial liquidity. Global crude oil inventories were dropping dramatically. Furthermore, the representatives of oil-exporting countries seemed oblivious to their driving the world economy off a cliff, which would likely do more harm to their nations than to the major developed nations.


Adult supervision was required. The leaders of OECD nations stepped in and took charge, essentially replacing the “children” running the oil market in Russia, Saudi Arabia, and the United Arab Emirates.


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