CNBC's Croft: We Can't Release from Drained SPR, So We're Having to Hope Saudis Will Produce More Oil

On Thursday's broadcast of CNBC's "Squawk Box," CNBC Contributor and Managing Director and Global Head of Commodity Strategy for RBC Capital Markets Helima Croft stated that because President Joe Biden can't lower oil prices by releasing a large amount of oil from the Strategic Petroleum Reserve (SPR) because it's at low levels, "they are having to rely on energy diplomacy" with Saudi Arabia in an effort to get the Saudis to provide oil relief.