OPEC+ has issued a grave warning to Japan, the United States, China, India, and South Korea: unleash millions of barrels of oil from your emergency stockpiles, and we are likely to respond.
That response, although OPEC+ failed to mention specific figures, would likely be changing their plans to ramp up production more slowly to compensate for the extra barrels released.
OPEC+ has been saying for over a month that the market will soon swing into a surplus, cautioning global oil markets against being too hasty and aggressive when it comes to ramping up production.
But immense pressure is building up on consuming nations over high gasoline prices—particularly in the United States, where gasoline prices often directly correlate to voter support for the current administration.
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