Wednesday, January 29, 2025
OPEC+ panel unlikely to tweak oil policy at Friday meeting - sources- oil and gas 360

OPEC+ panel unlikely to tweak oil policy at Friday meeting – sources

Nasdaq MOSCOW/LONDON/DUBAI – OPEC+ is unlikely to tweak its current oil output policy when a panel meets on Friday, six OPEC+ sources told Reuters, as tighter supplies and resilient demand drive an oil price rally. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, meet on Aug. 4. The panel, called

Biden administration delays replenishing U.S. emergency oil reserve- oil and gas 360

Biden administration delays replenishing U.S. emergency oil reserve

World Oil (Bloomberg) – The Biden administration is again delaying a replenishment of the nation’s emergency oil reserve because of market conditions, according to people familiar with the matter. The decision comes as oil prices have rallied above $80 a barrel. The Department of Energy is not taking up offers it got for a potential purchase, said the people, who

Oil prices ease despite US inventory drawdown- oil and gas 360

Oil prices ease despite US inventory drawdown

CNBC Oil prices eased on Wednesday after sharp gains, but remained near their highest levels since April, as crude and fuel product inventory data showed robust U.S. demand and offset concerns about the Chinese economy. Brent crude futures for October last slipped 79 cents, or 0.93%, to $84.12 a barrel. U.S. West Texas Intermediate crude for September fell 91 cents, or 1.12%, to

U.S. crude oil inventories increase by 0.5 million barrels- oil and gas 360

U.S. crude oil inventories decrease by 17.0 million barrels

Weekly Crude Oil Storage as of July 28, 2023     U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 17.0 million barrels from the previous week.  At 439.8 million barrels, U.S. crude oil inventories are at 1% below the five year average for this time of year, according to the EIA crude oil and