Monday, January 6, 2025
Whether OPEC+ formally agrees, deeper oil cuts now look inevitable-oil and gas 360

Whether OPEC+ formally agrees, deeper oil cuts now look inevitable

Reuters LONDON – Whether or not OPEC+ oil producers formally agree to extra oil output curbs, rapidly filling storage capacity and plummeting demand due to the coronavirus crisis may force them to cut more. With crude consumption collapsing, the Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, is due to implement a deal

U.S. crude oil inventories decrease by 2.0 million barrels- oil and gas 360

U.S. crude oil inventories increase by 15.0 million barrels

Weekly Crude Oil Storage as of April 17, 2020   U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 15.0 million barrels from the previous week. At 518.6 million barrels, U.S. crude oil inventories are about 9% above the five year average for this time of year, according to the EIA crude oil and petroleum