How do US SPR drawdowns
impact oil prices?

The US is set to sell nearly a third of its Strategic Petroleum Reserve by November as the Biden administration seeks to shore up global oil supplies, help Europe curb its dependence on Russian oil imports, and ease domestic energy prices contributing to the highest US inflation in 40 years. The largest-ever US SPR sale will inject 905,000 b/d onto the market from mid-April through October, with additional drawdowns by other International Energy Agency nations raising global SPR flows to about 1.4 million b/d over the same period.