Analysts at Goldman Sachs called the amount of oil released from US and allied government stocks “a drop in the bucket”. Fuel output will range from 70 to 80 million barrels of oil, while market participants expected 100 barrels or more.

“According to our pricing model, such a volume will reduce the price of oil by two dollars per barrel, which is substantially less than the eight dollars per barrel recorded since the end of October,” the bank said in a statement. Earlier, the US, India, Japan, South Korea and the UK agreed to release oil from state reserves. Therefore, world leaders are trying to reduce oil prices, which are growing in conditions of reduced supply and growing demand against the background of the recovery of the global economy after the coronavirus pandemic.