What did Biden do?.. An American decision behind the decline in oil prices

[yota691]

What after strategic storage?

Monday 29 November 2021 91

 

Hussein Thaghab 

The state of great confusion that oil prices are witnessing in global markets, has entered the world into a spiral in light of the existence of challenges that cannot be predicted in the future, as most industrialized countries are heading to possible closures due to the new “Omicron” mutant that was discovered during the few days.

 past. 

And the lack of agreement between OPEC + and the United States of America on the flows of crude oil at specific levels to the global market, prompted some industrialized countries to move towards their strategic reserves and start pumping regular quantities on a daily basis that reduce the trend to the global market, in an attempt to influence the crude oil markets and not allow a large increase Experts expect it during the period

 coming. 

The solutions of some countries relying on strategic treasury were not a radical solution to achieve the goal of balance, which was proposed some time ago.

The impact of crude oil on global economies confirms that fossil fuels dominate the scene, and cannot be easily dispensed with, and that the trend towards strategic storage in the United States, China, Japan and other countries of the world represents a temporary solution, so what next? Its full health and spinning the wheel of production, air and sea movement and all the joints of international work, which require more energy that ultimately depends on oil

 raw. 

In this case, the need for crude oil in some countries will be double, the first to cover the immediate domestic demand that makes life go smoothly without a defect, and the other to feed the strategic reserves, and here the graph of the demand for crude oil is gradually rising, it may be difficult to predict the level it will reach Which may complicate the accounts of many countries.

Balance and understanding in controlling the crude oil markets by controlling the production numbers in the producing countries and what they pump into the global market is very important, and guarantees many rights in the producing and consuming countries, better than prices heading towards high levels that are not guaranteed, followed by a supply glut. Prices go towards a rapid decline that confuses the state of the producing countries and exposes them to financial shocks, especially rentier ones.

Rationality in dealing with the crude oil market file must be possessed by all parties to ensure the rights of peoples, and that there be a real balance in production and supply that meets the needs of countries and does not negatively affect them.

[yota691]

 

America sells 18 million barrels of its oil reserves to lower gasoline prices

 

 2021-12-11 07:58

 

Shafaq News/ The US Department of Energy announced that it will sell 18 million barrels of crude oil from its Strategic Petroleum Reserve on December 3, as part of an earlier plan to try to lower gasoline prices.

The Biden administration announced last month that it would release about 50 million barrels of its reserves in cooperation with other consuming countries including China, India and South Korea to combat rising fuel costs.

The White House has been trying to deal with Americans' concerns about rising fuel costs and inflation as drivers emerge from the pandemic, even though the president has few tools to deal with crude oil prices, a global market affected by many factors.

Oil prices rose to a seven-year high of more than $86 a barrel in late October due to rising fuel demand worldwide, but have fallen about 13% since then, in part due to the United States. And the announcement and emergence of the Omicron variant of the Corona virus that affected travel around the world.

Benchmark Brent crude ended at $75.15 a barrel on Friday.

Retail gas prices average $3.33 a gallon, the lowest since mid-October, according to the American Automobile Association. Prices peaked at $3.42 a gallon in early November.

The United States holds nearly 600 million barrels of crude oil in giant caves in Texas and Louisiana. Its current stock is at its lowest since 2003.

[yota691]

The White House welcomes the decision of “OPEC Plus” to increase oil production by 400,000 barrels per day

 

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Baghdad - IQ  

The White House welcomed, on Tuesday (4 January 2021), the decision of the OPEC Plus group to increase oil production by 400,000 barrels per day next February.
 
And Reuters news agency quoted a White House spokesman as saying that Washington also likes the “OPEC +” decision to continue production increases to support economic recovery.

The Organization of the Petroleum Exporting Countries and its allies, "OPEC +", had decided, during their meeting, which was held via videoconferencing technology, to increase the total oil production by 400,000 barrels / day in the month of February.

This quantity of barrels comes according to the monthly increase scheme scheduled, in July 2021, at a time when the new mutant of the Corona virus “Omicron” poses a great danger to the functioning of economies, and thus to the demand for oil, especially with its rapid spread around the world.

[yota691]

China's agreement with America to withdraw from oil reserves at the beginning of February

02:26

Fourth - follow up

Sources told Reuters that China agreed with the United States at the end of last year to withdraw from its strategic oil reserves near the Lunar New Year holiday, which begins on February 1, as part of a plan launched by Washington to reduce global prices.

 

Sources familiar with the discussions between the two countries told Reuters that China agreed at the end of 2021 to withdraw unspecified quantities of oil according to price levels.

[yota691]

Oil rises despite the possibility of China withdrawing from its strategic stocks

 

Posted 35 minutes ago

UTV-world

Oil futures rose on Friday, on track for a fourth week of gains, buoyed by supply constraints and a weak dollar, although sources say China is preparing to withdraw from its crude reserves near the Lunar New Year.

Brent crude futures rose $1.16, or 1.4 percent, to $85.63 a barrel at 11:25 GMT, the highest level in two and a half months.

US West Texas Intermediate crude contracts rose $1.06, or 1.3 percent, to $83.18 a barrel.

Crude oil prices turned up as the dollar headed for what could be its biggest weekly drop in over a year. A weak dollar makes commodities more accessible to holders of other currencies.

Several banks expected oil prices to reach $100 a barrel this year as demand is expected to exceed supply.

However, sources said, China plans to draw from oil reserves around the Lunar New Year holiday between January 31 and February 6, as part of a plan coordinated by the United States with other major consumers to reduce global prices.

[horsesoldier]

“ OPEC PLUS “????? What is this, OPEC 2.0 ????? ...

 

...& we’re “ selling “ 18 million Barrels of oil reserves to lower gas prices ????? 
 

What monumental stupidity !!!!! Drop in the bucket as far as this goes. We’ve got idiots running the show: I wouldn’t put these pin heads in charge of an amusement park circular Choo Choo train. 
...what a train wreck this country is.

[yota691]

International sources: Crude oil prices will continue to rise

Tuesday 18 January 2022 80

 

 Dubai: agencies 

 

The world's largest independent oil trading company said that crude oil prices, which have already risen by 10% this year, may rise further due to supply shortages.

"These prices are justified...the strong forward delivery trend is very justified," said Mike Mueller, Asia director at Vitol Group, on Sunday, pointing to the bullish pattern, with the nearest futures being higher than the futures.

Oil recorded gains for the fourth consecutive week last week, the longest streak since October, as a result of increasing indications that consumption is resilient despite the spread of the "Omicron" mutant. At the same time, spare capacity is dwindling, as some of the world's largest producers struggle to increase production. Brent crude has jumped 11% this year to more than $86 a barrel, adding to last year's 50% gain.

 

Pakistan and Europe

Mueller emphasized that while natural gas prices have risen to such an extent that some industrial users - including in Pakistan and Europe - are cutting consumption, the oil market has not yet reached that point. In a webinar hosted by Dubai-based consultancy Gulf Intelligence, he said that what is happening with gas "reminds us that people will refrain from buying expensive energy at some point... the question is which stage will affect the oil market."

Mueller added that the White House is likely to release more than 50 million barrels of oil from its Strategic Petroleum Reserve, which it announced in November. President Joe Biden took this step to curb the rise in gasoline prices, which are near their highest levels in seven years in the United States.

{Goldman Sachs}: It believes that oil prices may exceed $ 100 in 2023.

When asked about supplies, Mueller said, "The market says: More, please," explaining that China's "zero-Covid 19" policy likely ensures that the "Omicron" outbreak does not occur on a large enough scale to reduce the use of oil products significantly.

Mueller concluded his speech by saying, "We are not close to seeing a major blow to demand from China. The data is still not alarming."

[yota691]

 

Expert: Treasury and speculators will limit the rise in oil prices

 

 2022-01-27 04:42

 

Shafaq News/ Oil expert Hamza Al-Jawahiri confirmed today, Thursday, that oil stocks and speculators will limit the rise in oil prices.

Al-Jawahiri said in an interview with Shafak News Agency; "The rise in oil prices will affect consumers because some countries cannot pay the oil bills," he expected, "and the countries of America, China and other countries will continue to pay quantities of their strategic oil reserves to curb the rise in oil prices."

He added, "The speculative traders who have large quantities of crude oil will take advantage of the high oil prices to sell what they have to make profits, and therefore there will be another supply of oil to global markets, which limits the price hike."

Al-Jawahiri favored it; "The prices will not rise above 90 dollars a barrel," noting that "the rise in oil prices to 100 dollars, as expected by some major financial authorities, there will be economic collapses, especially for some economically weak countries."

Al-Jawahiri pointed out that "the stability of the oil market is important to the consumer and also to the producers, because high prices may be immediate and may fall quickly, and therefore price stability is important and beneficial in the long run."

Oil prices rose this week to reach $90 a barrel at a time when consuming countries are trying to stop the price hike at a time when the world is witnessing an openness in markets after a period of closures as a result of Corona.

[yota691]

 

Oil rises as US oil inventories rise and dollar strengthens

 

 2022-01-27 08:51

 

Shafaq News/ Oil prices fell on Thursday, with US oil inventories rising and the US dollar strengthening after signs that the US Federal Reserve will tighten monetary policy in the world's largest oil user.

And at 05:10 GMT, Brent prices fell 72 cents, or 0.80%, to $ 89.24 a barrel, having earlier fallen about 1.1% to $ 89, and Brent rose 2 percent on Wednesday.

US West Texas Intermediate crude futures were down 65 cents, or 0.74%, at $86.70 a barrel, after falling as much as 1.2% to $86.34, and WTI rose 2% in the previous session.

The dollar rallied as US Treasury yields rose, pushing the US dollar index, which measures the greenback against major currencies, to 96.604, near five-week highs.

Crude oil prices rose on Wednesday, with Brent crude rising to $90 a barrel for the first time in seven years, as tensions between Ukraine and Russia, the world's second-largest oil producer, raised fears of disruption to Europe's energy supplies. 

The increase in US crude oil and gasoline stocks eased some supply concerns.

The Energy Information Administration said on Wednesday that crude stocks rose 2.4 million barrels in the week ending Jan. 21 to 416.2 million barrels.

The Energy Information Administration said gasoline stocks rose 1.3 million barrels last week to 247.9 million barrels, the most since February 2021.

[currenzcraze]

POSTED ON 2022-01-27 BY SOTALIRAQ
**Expert: Treasury and speculators will limit the rise in oil prices**

The oil expert, Hamza Al-Jawahiri, confirmed today, Thursday, that oil stocks and speculators will limit the rise in oil prices.

Al-Jawahiri said in an interview that “the rise in oil prices will affect consumers because some countries cannot pay the oil bills,” expecting that “the countries of America, China and other countries will continue to pay quantities from their strategic oil reserves to curb the rise in oil prices.”

He added, "The speculative traders who have large quantities of crude oil will take advantage of the high oil prices to sell what they have to make profits, and therefore there will be another supply of oil to global markets, which limits the price hike."

Al-Jawahiri favored it; "The prices will not rise above $90 a barrel," noting that "the rise in oil prices to $ 100, as some major financial authorities expected, there will be economic collapses, especially for some economically weak countries."

Al-Jawahiri pointed out that “the stability of the oil market is important to the consumer and also to the producers, because high prices may be immediate and may fall quickly, and therefore price stability is important and beneficial in the long run.”

Oil prices rose this week to reach $90 a barrel at a time when consuming countries are trying to stop the price hike at a time when the world is witnessing an openness in markets after a period of closures as a result of Corona.

https://www.sotaliraq.com/2022/01/27/خبير-الخزين-والمضاربون-سيحدّون-من-ارت/

[yota691]

Hey Brandon open up that pipeline you d/a....

 

 

Media: Biden sent officials to Saudi Arabia to press for oil

02:46

Fourth - follow up

CNN revealed that the White House sent two US officials to Saudi Arabia to pressure it to pump more oil because tensions over Ukraine are driving up energy prices.

In a report, the network said, "The White House sent officials to the kingdom to pressure it to pump more oil because fears of the (alleged) Russian invasion of Ukraine lead to higher energy prices."

A senior US official confirmed to the network that the Middle East National Security Council coordinator, Brett McGurk, and the State Department's envoy for energy, Amos Hochstein, were in Riyadh last Wednesday, in an attempt to promote relations on a larger scale, but also to pressure Saudi officials to pump more crude and stabilize markets. . 

 

CNN added that the official said that the Saudis are resisting any changes in production because of their commitments to the "OPEC +" agreement.

Yesterday, The Wall Street Journal reported that Riyadh ignored Washington's call to increase oil production, and that the Kingdom confirmed commitment to the "OPEC +" agreement, in which Russia participates, with oil approaching $ 100 a barrel.

In the oil markets, a barrel of "Brent" today reached the level of $93.4 a barrel, and oil prices have risen since the beginning of the year by more than 20%.

Russia is one of the world's leading oil and gas producers, pumping about 10% of the world's oil, and any impact on the supply of energy resources from Russia will have an impact on global energy prices.

[yota691]

A drop in oil prices coincides with an American movement towards strategic reserves

2022.03.31 - 08:16

 

 

 

Baghdad - people   

Oil futures fell more than five dollars a barrel, Thursday morning, on news that the administration of US President Joe Biden is considering withdrawing about one million barrels per day of oil from strategic reserves over several months in an attempt to calm high crude prices.  

  

  

  

By 00:35 GMT, Brent crude futures fell $4.71, or 4.2%, to $108.58 a barrel, and US West Texas Intermediate crude futures fell $5.45, or 5%, to $102.74 a barrel.  

  

The Biden administration will make statements later Thursday, during which the president is expected to announce the plan aimed at lowering gasoline prices, which reached record levels in the wake of the Russian invasion of Ukraine.  

  

Oil prices rose about 3 percent when they settled on Wednesday, driven by supply concerns as peace talks between Russia and Ukraine appeared to falter.  

  

“It's a morale shock, but if recent history is any indication, withdrawing from the reserves will only be a temporary fix, like putting a bandage on a broken leg,” said Stephen Innes, managing partner at SBI Asset Management.  

  

The Biden administration said in early March that it would withdraw 30 million barrels from its strategic reserves as part of a global withdrawal of 60 million barrels in an attempt to bring down prices.  

  

The withdrawal comes at a time when US oil stocks fell by 3.4 million barrels in the week ending March 25, exceeding expectations for a decline of one million barrels.  

  

A clear slowdown in demand came as US production rose by 100,000 barrels per day, to 11.7 million barrels per day, after a stagnation of 11.6 million barrels per day since early February.  

  

The operating rates of refineries in the Gulf Coast region increased to the highest level since January 2020.  

  

"Reuters"  

[yota691]

Tomorrow... an emergency meeting for international energy on the oil market

• Time: 03/31/2022 10:02:36
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• Reading: 507 times

  

{Economic: Al Furat News} A spokesman for the Australian Minister of Energy, Angus Taylor, announced today, Thursday, that the International Energy Agency called for an emergency ministerial meeting to be held tomorrow, Friday, to discuss the state of the oil market.

"The International Energy Agency has called an emergency meeting on Friday evening, Australian time," the spokesman added.

A spokeswoman for New Zealand Energy Minister Megan Woods also said that the agency's member states will meet to decide on a collective drawdown of oil stocks.

She added, "The size of the possible mass withdrawal has not been decided. The meeting will determine a total amount, and this will be followed by allocating a quantity to each country."

Yesterday, two senior US officials said that the administration of President Joe Biden is considering withdrawing one million barrels of oil per day from the Strategic Petroleum Reserve over several months to reduce gasoline prices.

[yota691]

After Biden's statements, oil drops 5 dollars

• Time: 03/31/2022 08:17:07
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• Reading: 780 times

  

{Economic: Al Furat News} Brent crude futures fell $4.71, or 4.2%, to $108.58 a barrel.

US West Texas Intermediate crude futures fell $5.45, or 5%, to $102.74 a barrel.

Oil prices rose about 3 percent when they settled on Wednesday, driven by supply concerns as peace talks between Russia and Ukraine appeared to falter.

"It's a morale shock, but if recent history is any indication, withdrawing from the reserves will only be a temporary fix, like putting a bandage on a broken leg," said Stephen Innes, managing partner at SBI Asset Management.

The Biden administration announced in early March that it would withdraw 30 million barrels from its strategic reserves as part of a global withdrawal of 60 million barrels in an effort to bring down prices.

The withdrawal comes at a time when US oil stocks fell by 3.4 million barrels in the week ending March 25, exceeding expectations for a decline of one million barrels.

A clear slowdown in demand came with US production rising by 100,000 barrels per day to 11.7 million barrels per day, after stagnating at 11.6 million barrels per day since early February.

[yota691]

 

International Energy calls for an emergency meeting to discuss a collective withdrawal of oil stocks

 

 2022-03-31 01:56

 

 

Shafaq News/ The International Energy Agency called for an emergency ministerial meeting tomorrow, Friday, to discuss the state of the oil market, and to take a decision on the possibility of releasing more barrels of crude oil from the agency's reserves.

 

A spokeswoman for New Zealand Energy Minister Megan Woods said that the agency's member states will meet to decide on a collective withdrawal from oil stocks, noting that "the size of a possible collective withdrawal has not been decided and the meeting will determine a total amount and this will be followed by allocating a quantity to each country."

 

Oil futures fell more than $ 5 a barrel in early trading on Thursday, due to news that the administration of US President Joe Biden is considering withdrawing about one million barrels per day of oil from strategic reserves over several months in an attempt to calm high crude prices.

 

And two senior US officials said yesterday, Wednesday, that the administration of President Joe Biden is considering withdrawing one million barrels of oil per day from the Strategic Petroleum Reserve over several months to reduce gasoline prices.

 

That withdrawal could be added to the 60 million barrels of oil that IEA countries agreed to withdraw earlier in March to stabilize global markets after the Russian invasion of Ukraine.

 

The International Energy Agency believes that the world can lessen the impact of the oil shortage, caused by Russia's invasion of Ukraine, by restricting the use of cars and accelerating the transformation of vehicular-dominated cities.

 

"We are going through a major crisis and the oil markets are in an emergency situation, and not only that, but it may get worse than it is today in the next few months," Fatih Birol, Executive Director of the International Energy Agency, said at a press conference two weeks ago.

[Theseus]

Good thing we had a POTUS with the foresight to top up the US Strategic Reserves while the rest of the country was distracted with OMB syndrome and those mean tweets. 

 

On another note, who would listen to anyone who wants to destroy your way of income such as the oil industry? Here is a novel idea, instead of depending on others for energy in the US of A, how about the US of A becomes energy independent before the US of A tries to move to a fantasy world of renewable energy in which doesn't exist.

 

You need natural gas to power the electric plants (not every plant is near water) or coal (heaven forbid!) or (wait for it!) nuclear energy to charge up the millions of cars that are going to be on the roads. And how pre tell are they going to make tires without oil? We can use margarine for lube since that was the original purpose (See WWII history of margarine) not for slathering on your english muffins in the morning.

 

Good thing we are getting rid of methane producing livestock that puts food on our tables. Next thing you know they will be getting rid of rainbow farting unicorns while they sip on 10 dollar cup of coffee they get from plastic Keurig pods and 20 dollar plastic lined cups of coffee from starbux . Yeah the left is that stupid. And people thought gas was expensive?

 

I still think sending garbage into the sun is the best waste management idea, evah! Think of the jobs created!

Edited April 1, 2022 by Theseus

[Theseus]

 

 

[yota691]

The "Million Barrels" plan moves the markets... and an eye on shale oil

l 1 hour ago

Sky News Arabia - Abu Dhabi

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An unprecedented decision by Biden to withdraw one million barrels of oil

An unprecedented decision by US President Joe Biden to withdraw one million barrels of oil per day from his country's strategic reserve for a period of 6 months, considered by analysts as "an attempt to reduce gas prices and place the burden on oil companies", amid warnings of internal and external repercussions.

This comes in light of pressure on US shale oil companies to make up for the shortfall in supply after the Russian oil embargo, as the US shale sector argues that it needs long-term government support before it can sustainably increase production.

In a research note, commodities analysts at Goldman Sachs said that the release of US reserves would help the oil market rebalance in 2022, but would not solve its structural deficit.

The Goldman Sachs report said that this step is able to restore balance to oil prices, in a world without the necessary reserves for emergency times.

According to the American newspaper, "Financial Times", "The new withdrawal is the largest ever announced and will last 6 months, which leads to the depletion of nearly a third of the strategic petroleum reserves of the United States, and the decline will raise the reserve to its lowest level since 1984."

The US administration has constantly used this strategic reserve since the fall, when oil prices rose. It announced in November that it wanted to use 50 million barrels, and then again 30 million in early March.

The White House, which the Republican opposition accuses of harming oil activity in the United States, pledged to "do everything in its power" to encourage extraction on American soil , and Joe Biden asked Congress to impose fines on companies that have the necessary permits and land without exploiting them.

There was an internal discussion among US administration officials about the severity of the prosecution of oil and gas companies for not intensifying production, and Biden reprimanded them in previous statements, but some officials believe that the violent campaign against companies may backfire as the country faces record inflation that undermines his popularity.

 

Pressure on the oil market

Italian economic analyst George Rutelli says that Biden's decision to obtain one million barrels of oil from the strategic petroleum reserves is the largest withdrawal in the history of the strategic petroleum reserve.

Rutelli added, to "Sky News Arabia", that "this will mean the accumulation of 180 million barrels in the coming months. Its announcement also helps calm the rise in oil prices a little. However, there are many caveats. Russia exports about 5 million barrels per day (according to data). US government for 2021), so the SPR move would not have such a purposeful effect.

He explained that "these reserves are already very low (total of 570 million barrels), so 180 million barrels means a decrease of 30 percent, which must be replenished soon, which puts new pressure on the global oil market."

He pointed out that "American shale oil companies can increase production and yesterday Biden just pushed to take action... There are 9,000 unused permits to drill on federal land, and the president has called for a policy of 'use or lose them.'" However, it must be remembered that hydraulic fracturing is not environmentally friendly, and the current administration has taken steps toward greener energy supplies."

He pointed out that "strategic stocks are about 580 million barrels, and they have been declining for some time in the United States. Commercial oil stocks are 1.2 billion barrels, twice the amount."

Regarding their storage, Rutelli said, "It is kept in refineries (324 million), tank farms and pipelines (321 million), bulk stations (400 million), pipelines (135 million) and the so-called "transit Alaska" (6 million). )".

Strategic oil reserves

It is noteworthy that the Strategic Petroleum Reserves is a huge stock of oil used in emergency situations, and is kept in huge underground containers in Texas and Louisiana.

America established this stockpile in 1975, in the wake of the fuel crisis that accompanied the October 1973 war.

America had previously used this stock in times of global crises, as it resorted to it in 1991 following the Iraqi invasion of Kuwait, in 2005 after Hurricane Katrina, and in 2011 when oil prices were affected by the events of the Arab Spring in Libya.

The United States and its allies sought to reduce oil prices in the wake of Russia's invasion of Ukraine on February 24, and America released 30 million barrels of its oil reserves.

[yota691]

 

Oil falls due to Biden's plan and the decision of "OPEC +"

 

 2022-03-31 15:53

 

Shafaq News/ Oil prices fell by more than $5 a barrel, at the end of Thursday's trading, after the US President announced a plan to "achieve independence".

The US President said: Today we announce our plan to end dependence on foreign oil and achieve independence, and that he directed his administrations to withdraw one million barrels of oil per day from the Strategic Petroleum Reserve for a period of 6 months.

 

Biden stressed, on Thursday, the need to increase the supply of oil, which rose globally due to the war in Ukraine, and that the time is not right for oil companies to achieve record profits, which prompts some of them not to increase supplies.

Oil futures extended their losses, and Brent crude fell by $5.54, or 4.88%, to settle at $107.91 a barrel, according to Reuters.

 

US crude also fell, by about $7.15, or 6.63%, to $100.67 a barrel.

 

US President Joe Biden said the Russian president's war has caused oil prices to rise, and it is affecting prices in America.

 

The withdrawal of the oil reserves is a shock to morale, but if recent history is any indication, the withdrawal from the reserves will only be a temporary fix like putting a bandage on a broken leg,” said Stephen Innes, managing partner at SBI Asset Management. .

 

The Biden administration said in early March that it would withdraw 30 million barrels from its strategic reserves, as part of a global withdrawal of 60 million barrels, in an effort to bring prices down.

The withdrawal comes at a time when US oil stocks fell by 3.4 million barrels in the week ending March 25, topping expectations for a drop of 1 million barrels.

[yota691]

Oil prices exceed the level of 105 dollars a barrel

2022.04.04 - 13:06

 

Baghdad - people  

Oil prices topped $105 a barrel on Monday, as concerns persisted about tight supplies due to the Russian war in Ukraine.  

 

  

  

And increased fears in the crude markets, the failure to reach an agreement on the Iranian nuclear deal, despite the withdrawal of countries from the strategic oil reserves.  

  

The Ukraine crisis in February severely exacerbated already existing supply concerns and raised oil prices. And increased fears of a further decrease in supply as of this month due to sanctions imposed on Russia and the reluctance of buyers of Russian oil.  

  

Brent crude rose 63 cents, or 0.6 percent, to $105.02 a barrel by 0805 GMT. US West Texas Intermediate crude rose $1.08, or 1.1 percent, to $100.35 a barrel.  

  

"Will the release of oil from the strategic reserves fill the shortage caused by sanctions and buyers' reluctance to buy Russian oil?" said Stephen Brennock of oil brokerage BVM.... The short answer: No.  

  

Oil prices fell about 13 percent last week after US President Joe Biden announced an unprecedented withdrawal of US oil reserves and member countries of the International Energy Agency pledged further withdrawals from the reserves. Crude hit $139 last month, the highest level since 2008.  

  

On Thursday, oil crashed down $5, after US President Joe Biden's administration said it planned to withdraw 1 million barrels per day from strategic reserves.  

  

And the White House said in a statement on Thursday that the administration of US President Joe Biden announced a plan to withdraw one million barrels per day from the Strategic Petroleum Reserve over the next six months.  

  

The US move will be implemented over a period of several months, and the Biden administration sees it as an attempt to calm high prices.  

  

And the American "CNN" news network had quoted a source it described as an insider on Thursday morning, that US President Joe Biden is considering withdrawing a record amount from the United States' strategic oil reserve, in light of the continued rise in fuel prices.  

  

It also supports oil by halting talks aimed at reviving the Iranian nuclear agreement, which would lift sanctions imposed on the circulation of Iranian oil. Today, Iran blamed the United States for the halt.  

  

Some of the pressure on prices came from a truce in Yemen, which could ease supply threats from the Middle East.  

  

On Saturday evening, the comprehensive UN armistice between the Iranian-backed Houthi militia and the Yemeni government took effect.  

  

The truce entered into force at (16 GMT) seven in the evening, Yemen time, on Saturday evening, the first day of the blessed month of Ramadan.  

  

On Friday, the United Nations envoy to Yemen, Hans Grundberg, announced that the Yemeni parties had agreed to a two-month truce proposal, starting with the holy month of Ramadan.  

  

Saudi oil facilities have recently been attacked by Houthi militias, in addition to the suspension of supplies from Russia.  

  

"Eye"  

[yota691]

The International Energy Agency announces the start of the process of withdrawing from oil reserves

• Time: 04/07/2022 23:50:01
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• Reading: 520 times

  

{Economic: Al Furat News} The International Energy Agency announced, on Thursday evening, the start of the process of withdrawing from the strategic oil reserves, after the approval of its members.

 

The agency stated in a statement on its official website, that its members decided to withdraw 120 million barrels of strategic oil reserves during the next six months, and half of this amount will come from the United States.
Accordingly, over the next six months, there will be 240 million barrels of oil reserves in global markets, equivalent to more than one million barrels per day.

[yota691]

Oil plunges due to China's closures and withdrawal of reserves

• Time: 04/12/2022 01:28:34
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• Reading: 689 times

  

{Economic: Al Furat News} Oil prices fell about four percent, pushing the global benchmark, Brent, to retreat from the level of $ 100 a barrel, due to fears that the Covid-19 pandemic will reduce demand in China, and while the International Energy Agency countries plan to release record amounts of crude from strategic reserves .

The US benchmark, West Texas Intermediate, closed at its lowest level since February 25, the day after the start of the war in Ukraine.

Brent contracts ended the trading session as low as $4.30, or 4.2 percent, to record at a settlement of $98.48 a barrel, the lowest closing level since March 16.

US crude contracts closed down $3.97, or 4.0 percent, to $94.29.

Demand for fuel in China, the world's largest oil importer, has been slowed by COVID-19-related shutdowns in Shanghai, the country's financial hub. The city began easing the closure in some areas on Monday, despite recording a record level of new cases of COVID-19 of more than 25,000.

To help offset a shortfall in Russian crude after imposing sanctions on Moscow, IEA member states, including the United States, will release 240 million barrels of strategic oil reserves over the next six months.

Analysts at JPMorgan said that the volumes of withdrawals from the US Strategic Petroleum Reserve are equivalent to 1.3 million barrels per day over the next six months, which is enough to make up for a shortfall of one million barrels per day in the supply of Russian oil.

Oil prices were subjected to additional pressures from the rise of the US dollar for the eighth consecutive session against a basket of competing currencies. A stronger dollar makes oil more expensive for holders of other currencies.

[yota691]

Oil prices drop, and Brent records $ 104 a barrel

• Time: 04/13/2022 08:45:15
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• Reading: 455 times

  

{Economic: Al Furat News} Oil prices fell, on Wednesday, due to the rise in US stocks and the release of reserves by consuming countries, but fears that the decline in production in Russia, the second largest oil exporter in the world, limited the decline in prices significantly.

Brent crude futures fell 26 cents, or 0.25 percent, to $104.38 a barrel, while US West Texas Intermediate crude futures fell 38 cents to $100.22 a barrel. Both contracts jumped more than 6% in the previous session.

US oil inventories rose by 7.8 million barrels last week, according to the American Petroleum Institute report issued on Tuesday, but this did not affect the optimism prevailing in the energy market.

Major consuming countries said they would release large amounts of oil reserves, as the International Energy Agency said its member states would release 120 million barrels of strategic reserves to try to quell sharp price increases.

The latest data showed that Russian condensed oil and gas production fell below 10 million barrels per day on Monday, the lowest level since July 2020, which warns of tight oil supplies.

Meanwhile, emerging reports of the partial easing of some of China's tight COVID-19 lockdowns helped fuel bullish sentiment among some market players this week.

[yota691]

Biden: We will release the largest oil reserves in history

• Time: 04/22/2022 01:17:41
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• Reading: 2,951 times

  

{International: Al Furat News} US President Joe Biden said that he "coordinated with his partners around the world to release quantities of oil reserves."

Biden described these quantities as "the largest in history."

[Hotcurl]

15 hours ago, yota691 said:

Biden: We will release the largest oil reserves in history

• Time: 04/22/2022 01:17:41
•  
• Reading: 2,951 times

  

{International: Al Furat News} US President Joe Biden said that he "coordinated with his partners around the world to release quantities of oil reserves."

Biden described these quantities as "the largest in history."

On Earth Day ... WTF ??? ............ 

 

So let me understand this correctly .... It is OK to burn imported oil but it is "morally" wrong (per the "green $$$$ lobbyists") to produce our own (USA) petroleum products and thus be energy independent ?  

 

I'll buy an Electric Car when his Jet/Helicopter runs on battery's

 

"Lets Go Brandon"

          Anonymous

"The Quicker F**ker Upper"

           Anonymous 

"Brandon is my name and the DELIBERATE/ INTENTIONAL  destruction of America is my game"

                                                                 Anonymous

Just sayin' .................

Semper Fi