No consultations with Saudi concerning U.S. potential release of oil reserves - source

No consultations have taken place with Saudi Arabia regarding a potential release of oil reserves by the United States and its allies, a senior Gulf source with knowledge of the matter said on Tuesday. "It is not customary for Saudi Arabia or key OPEC+ producers to conduct consultations outside the group on oil policy, especially prior to a meeting," the source said.

Sources had earlier said an oil reserve release was being weighed amid soaring prices and tightening supplies after Russia invaded Ukraine.