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By Ari Natter The Trump administration is studying using oil under land at US military bases and other Department of War sites to help refill the nation’s depleted emergency reserves, according to a person familiar with the matter. No decision has been made on the possible initiative, said the person who asked not to be …
US Considers Tapping Oil at Military Bases to Refill Reserve Read More »
(Reuters) – Oil supplies are set to tighten further in coming weeks even if the U.S. and Iran agree on a peace deal to end their war because it will take weeks for oil shipments to resume from the Middle East Gulf and reach refiners worldwide – so oil companies will continue to deplete storage …
Oil Supply Shock to Worsen as Inventories Fall Further Even if Conflict Ends Read More »
(Reuters) – Chevron Chairman and CEO Mike Wirth said on Monday that physical shortages in oil supply would begin appearing around the world because of the closure of the Strait of Hormuz, through which 20% of global crude supply passes. Economies will begin shrinking, first in Asia, as demand adjusts to meet supply while the …
Chevron CEO Says Physical Shortages in Oil Supply to Begin Appearing Read More »
(Reuters) – A U.S. naval blockade of Iranian ports has shrunk Tehran’s oil exports, stranding a growing stockpile of crude on tankers as Iranian storage sites run out of space, shipping data showed and analysts said. With some vessels switching off tracking systems and U.S. forces turning back Iranian tankers, how much crude Iran is …
US Naval Blockade Squeezes Iran’s Oil Exports, Forces Crude Onto Floating Storage Read More »
By Liz Hampton and Arathy Somasekhar Brent, WTI futures extend gains after report US crude exports hit record 6.44 million bpd, driving inventory drawdowns Gasoline and distillate stocks fall sharply ahead of US driving season DENVER, April 29 (Reuters) – The United States became a net exporter of crude for the first time since World …
By Robert Tuttle The Canadian government’s pledge to supply 23.6 million extra barrels of oil in the coming months reflects natural growth in production, according to BMO Capital Markets, rather than a specific effort to produce more crude. The promise made by Energy Minister Tim Hodgson last month was Canada’s contribution to the 400 million …
Canada’s IEA Oil Promise Adds Little New Crude to Tight Market Read More »
(Reuters) – Researchers at Citi said on Monday that global crude and product inventories could decline by roughly 900 million barrels even if the United States and Iran agree to a ceasefire extension this week, and both Strait of Hormuz flows and oil production recover to normal levels by the end of June. The bank …
Global Oil Stocks Could Fall by 900 Million bbl Even if Ceasefire is Extended, Citi Says Read More »
(Reuters) – The U.S. Department of Energy said on Friday it had loaned 8.48 million barrels of crude oil from the Strategic Petroleum Reserve to four oil companies, the second allotment under the Trump administration’s effort to curb fuel prices that have surged during the U.S.-Israeli war on Iran. The companies that have been awarded …
US Loans 8.5 Million Barrels of SPR Oil in Second Batch Since Iran War Read More »
(Reuters) – The U.S. plans to release 172 million barrels of oil from its Strategic Petroleum Reserve, more than 40% of a wider release coordinated with allies, to help dampen prices spiked by supply disruptions from the U.S.-Israeli war on Iran. The U.S. sale, announced late on Wednesday, is part of a 400-million-barrel release by …
How Have US Presidents Tapped Strategic Petroleum Reserves During War? Read More »
By Ron Bousso LONDON, March 11 (Reuters) – The International Energy Agency’s plan to release 400 million barrels of oil reserves is unprecedented in scale and desperately needed to blunt the devastating supply shock triggered by the Iran war. But it will offer only limited relief as long as energy exports from the Middle East …
COMMENTARY: Historic Oil Reserve Release is Only a Band-Aid on a Gaping Supply Shock Read More »
