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Amid escalating tensions in the global oil market due to the ongoing Iran war, recent estimates from JPMorgan show that the strategic oil reserve release will only make a small dent in the crude oil supply shock.
Strategic Reserves Not Enough
The ongoing oil crisis cannot be alleviated by strategic reserves alone, according to JPMorgan estimates shared by The Kobeissi Letter.
A coordinated release from the G7’s Strategic Petroleum Reserve (SPR) would yield approximately 1.2 million barrels of oil daily. Historically, emergency releases have reached up to 1.4 million barrels per day.
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