WorldOil OPEC expected to take cautious approach to oil demand at December meeting The oil producers’ group OPEC+ will likely take a cautious stance when deciding this coming week whether to go ahead with planned output increases after the emergence of a new coronavirus variant sent crude prices tumbling, according to Vitol Group. Oil crashes more than 10% as new Covid variant strikes fear in global markets Oil crashed more than 10% in both London and New York as a new coronavirus strain sparked fears that renewed lockdowns will threaten the global recovery in demand. Biden wants the world to go green, while pushing for cheap gasoline at home President Joe Biden wants Americans to dramatically scale back their use of gasoline. And he wants that fuel to be as cheap as he can get it. If you sense a contradiction there, you’re hardly alone. The fine print: How a coordinated oil reserve release works After many weeks of signaling and speculation, a group of major oil consumers including the U.S. has announced a coordinated plan to tackle soaring energy costs by releasing crude from strategic reserves. The question now is whether it’s going to work. “Short-sighted policy”: Oil companies and trade groups weigh in on Biden’s SPR move The Biden administration’s unprecedented, coordinated attempt to tame oil prices by authorizing one of the biggest ever draw-downs of U.S. crude reserves has elicited a collective shrug from the oil industry. U.S. considering a ban on crude oil exports, says House Democrat A House Democrat who’s urging the White House to reduce oil prices by banning exports of U.S. crude oil says he’s been told the idea is under consideration. ”This is not going to solve much”: Oil prices climb after crude release announcement Oil prices recovered earlier declines as the U.S. and other consuming nations announced a landmark move to tap their strategic reserves. Biden orders release of oil reserves, in a challenge to OPEC The U.S. will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India and South Korea and the UK -- an unprecedented, coordinated attempt by the world’s largest oil consumers to tame prices that could prompt a backlash by OPEC+. Oil prices climb as OPEC preps response to upcoming SPR releases Oil advanced amid speculation that OPEC and its allies may not add as much supply to the market as previously planned if the U.S. releases crude reserves in coordination with other nations. Biden to announce multinational oil reserve release as soon as Tuesday President Joe Biden is preparing to announce a release of oil from the nation’s Strategic Petroleum Reserve in concert with several other countries as soon as Tuesday, according to people familiar with the plan.