Will oil prices cool off after tapping Strategic Petroleum Reserves?

 The US will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan, and Britain to control oil prices. But will this be enough? Let's find out

India, along with the US, People’s Republic of China, Japan, and the Republic of Korea, has decided to release five million barrels of crude oil from its strategic petroleum reserves in a concerted effort to bring down global crude oil prices.
This is the first of a kind coordinated move globally to tame the flaring crude oil prices.
Brent, the most popular benchmark in international trade for crude oil, hit $86.40 a barrel on October 26.
While prices cooled off since then to nearly $79 a barrel, they rose over three per cent in two days to hover around the $83 per barrel mark after the announcement.
While sector watchers say the quantity is not big, the release of five million barrels of crude oil from its SPR is a symbolic gesture on India’s part.
On an aggregate basis, too, the release of oil reserves by all the countries may add about 70 million to 80 million barrels of crude supply, smaller than the more-than-100 million barrels the market has been pricing in, say analysts at Goldman Sachs.
That said, all eyes now are on the OPEC meeting on December 2 that will set the tone for oil prices. Market watchers fear, the coordinated efforts by oil-consuming countries may slow their output increase pace.
Going forward, global crude oil prices are likely to remain volatile given the fresh surge in Covid-19 cases in European countries and persisting energy crisis.