TOKYO -- The coordinated release of petroleum reserves by major oil consumers including the U.S., China, Japan and India crosses a line that may signal a breakdown in what had been a mostly amicable relationship between the two sides of the market.
The decision was spurred by crude prices jumping to a seven-year high and hovering above $70 a barrel thereafter, driving up energy costs. Major economies, despite their differences, faced a shared need to address a potential threat to the economic recovery from the coronavirus pandemic.
