Saudi Arabia Energy Minister Warns About Misusing Oil Stockpiles

Saudi Arabia Energy Minister Warns About Misusing Oil Stockpiles

Saudi Arabia’s Energy Minister has warned countries against misusing their crude oil stockpiles to manipulate the oil markets. According to the Kingdom’s Energy Minister, Prince Abdulaziz bin Salman, who has been sparring with US President Joe Biden in recent weeks, strategic crude oil stockpiles are designed to be used to manage supply shortages, not to … Read more

3 Factors That Could Drive Oil Prices Higher

3 Factors That Could Drive Oil Prices Higher

US West Texas Intermediate crude oil futures are trading nearly flat after posting a volatile two-sided trade throughout the week. Underpinning prices were concerned over tightening supply that offset the destructive impact of uncertain demand, and the news that the United States will release more crude from its Strategic Petroleum Reserve (SPR). For bullish traders, … Read more

Biden Plans To Refill The SPR When Oil Prices Fall Below $72

Biden Plans To Refill The SPR When Oil Prices Fall Below

By Irina Slav – Oct 19, 2022, 1:18 AM CDT The White House has released a fact sheet that establishes its intention to refill the Strategic Petroleum Reserve when oil prices are between $67 and $72. In spring, President Biden ordered the release of 180 million barrels of crude from the SPR, a move that … Read more

White House Leaves Door Open For Additional SPR Releases

White House Leaves Door Open For Additional SPR Releases

The White House said on Tuesday that it has many options to counteract OPEC+’s looming production cuts, including the release of even more crude oil from the nation’s Strategic Petroleum Reserves. According to the Energy Department’s deputy secretary David Turk, “We still have some additional ability to use the Strategic Petroleum Reserve over the coming … Read more

US Officials Promised Saudis It Wouldn’t Let Oil Market Collapse

US Officials Promised Saudis It Wouldn’t Let Oil Market Collapse

US officials told Saudi Arabia prior to the OPEC+ meeting that it would help stave off a collapse in the oil market by buying oil at $75 per barrel to replenish the nation’s Strategic Petroleum Reserves, Wall Street Journal sources said on Tuesday. In the runup to last week’s OPEC+ meeting, Wall Street Journal’s sources … Read more

The Implications Of US SPR Withdrawals

The Implications Of US SPR Withdrawals

The Strategic Petroleum Reserve’s (SPR) oil is sold competitively when the President of the United States of America finds, pursuant to the conditions set forth in the Energy Policy and Conservation Act (EPCA), that a sale is required. In the past, oil resources were withdrawn from the SPR to meet domestic oil requirements – such … Read more

Biden’s Options To Counter OPEC+ Are Limited

Biden’s Options To Counter OPEC+ Are Limited

This week, OPEC+ made an unprecedented decision in its history and the history of OPEC. The extended cartel approved production cuts of 2 million bpd at a time of steady demand, tight supply, and runway inflation in the world’s biggest economies. More significantly, perhaps, OPEC+ made this decision despite Washington’s numerous attempts to change the … Read more

10 Million Barrels Of SPR Crude Going Up For Sale For November Delivery

10 Million Barrels Of SPR Crude Going Up For Sale For November Delivery

The target date for selling 180 million barrels of crude oil from the US Strategic Petroleum Reserve (SPR) appears to have been extended beyond October with the Department of Energy’s announcement on Monday that it would sell up to 10 million barrels for November delivery, Reuters reports. The 10-million-barrel sale will bring total sales to … Read more

US Energy Producers Warn European Buyers: No Bailout Is Coming

US Energy Producers Warn European Buyers: No Bailout Is Coming

The threat of power rationing across Europe persists even after EU officials held an emergency meeting last week to starve off the impending winter energy crisis. EU countries have increasingly relied on US energy imports, though shale bumps warned the ability to boost oil and gas supplies would be challenging. “It’s not like the US … Read more