Oil

The Biden administration will start buying crude to replenish the strategic petroleum reserve when prices fall to between $67 and $72 per barrel, the White House said in a fact sheet. “As part of its commitment to ensure replenishment of the SPR, the DOE is finalizing a rule that will …

Vessel tracking data suggest that the demand for Russian crude oil seems to be picking up, especially among India, China, and Turkey, according to media reports. The three countries have been Russia’s most reliable buyers of its crude during its ongoing conflict with Ukraine amid sanctions threat, reports said. Shipments …

President Joe Biden will announce the release of 15 million barrels of oil from the US strategic reserve on Wednesday as part of a response to recent production cuts announced by the Organization of the Petroleum Exporting Countries (OPEC+) nations. As per Washington Post, he will say more oil sales …

The European Union’s latest sanctions on Russian petroleum could end up depriving a swath of the world’s tanker fleet of industry standard insurance, a move that threatens to undermine US efforts to avert an oil supply shock. The bloc’s eighth round of sanctions state that if a tanker owner transports …

Key oil market indicators are flashing signs of weakness in Asia as China’s Covid Zero policy continues to weigh on the demand outlook. The discount of Dubai swaps to global benchmark Brent has widened since the start of the month, while the prompt Dubai time spread recently narrowed to the …

The OPEC+ decision to sharply curtail oil production threatens to push prices to levels that tip the global economy into recession, the International Energy Agency warned. “The massive cut in OPEC+ oil supply increases energy security risks worldwide,” with “resulting higher price levels exacerbating market volatility,” the IEA said in …

Oil prices struggled to find their footing in early Asian trade on Thursday after a weakening global demand outlook depressed the market in the last session. Brent crude futures dropped 7 cents, or 0.1 percent, to $92.38 a barrel by 0310 GMT. U.S. West Texas Intermediate crude was down 21 …

Oil prices slipped for a third straight session on Wednesday as the dollar gained steam and investors braced for U.S. inflation data, while global recession risks and tightening COVID-19 curbs in China triggered worries about fuel demand Brent crude futures fell 46 cents, or 0.5 per cent, to $93.83 a …

The leader of the non-OPEC oil producers in the OPEC+ alliance, Russia, is the biggest beneficiary of the 2 million barrels per day (bpd) cut announced this week, as Russia will not cut any output while the price of oil is set to rise in the coming months, analysts say. …

OPEC+, a group of 24 OPEC and non-OPEC oil producers, announced sharp output cuts Wednesday in a bid to facilitate the recovery of crude prices. The move comes despite calls from Washington to raise oil production to prop up the global economy. Saudi Arabia, the key OPEC member and the …