World Oil (Bloomberg) –The U.S. Department of Energy announced the loan of 13.4 million barrels of crude oil from its strategic reserve as part of a renewed effort by the Biden administration to contain oil prices that have surged to their highest level since 2014. The awards to seven companies — part of a previously announced move — mark the
World Oil (Bloomberg) – China is releasing some oil from its strategic reserves days after the U.S. invited it to participate in a joint sale, suggesting the world’s two biggest oil consumers are willing to work together to keep a lid on energy costs. U.S. President Joe Biden and Chinese President Xi Jinping had discussed the merits of releasing oil
From Reuters China imported Iranian crude oil in July for the second month since a U.S. sanctions waiver ended, according to research from three data firms, with one estimate showing some oil entered tanks holding the country’s strategic reserves. According to the firms, which track tanker movements, between 4.4 million and 11 million barrels of Iranian crude were discharged into
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