U.S. to release 50 mn barrels of oil to ease soaring prices
3 years, 4 months ago

U.S. to release 50 mn barrels of oil to ease soaring prices

The Hindu  

President Joe Biden announced on Tuesday he has ordered the release of 50 million barrels of oil from the U.S. strategic reserves in a coordinated attempt with other countries to tamp down soaring fuel prices. “This release will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom,” the White House said. A senior administration official said the releases would start in mid- to late December, and that further intervention was possible to steady the market, “responding to a once-in-a-century pandemic”. “The President stands ready to take additional action if needed and is prepared to use his full authorities, working in coordination with the rest of the world, to maintain adequate supply as we exit the pandemic.” As output rises, oil prices are already down nearly 10% in the past few weeks.

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History of this topic

Oil prices rise on US data, Middle East tensions
1 week, 6 days ago

Oil prices rise on US data, Middle East tensions

Live Mint  

By Colleen Howe BEIJING, - Oil prices rose in early trading on Thursday on a decline in U.S. fuel inventories and a ratchetting up of tensions in the Middle East. Brent crude futures rose 40 cents, or 0.57%, to $71.18 a barrel by 0213 GMT, while U.S. West Texas Intermediate crude gained 34 cents, or 0.51%, to $67.50. Distillate inventories, …

Why Trump’s fix for gas prices won’t work
1 month, 1 week ago

Why Trump’s fix for gas prices won’t work

CNN  

CNN — President Donald Trump swept into office with a three-word energy policy: Drill baby drill. In Trump’s telling, unleashing US oil drilling will reduce gas prices — and thereby Americans’ cost of living — and increase the nation’s energy independence. It’s also generating an expensive, light crude oil, which made up most of what the US exported in 2024: …

Oil extends gains on strong US demand hopes, Russia supply concerns
1 month, 1 week ago

Oil extends gains on strong US demand hopes, Russia supply concerns

Live Mint  

By Yuka Obayashi TOKYO, - Oil prices extended gains on Friday, headed for a weekly increase, as falling inventories of U.S. gasoline and distillate raised expectations of solid demand while concerns over supply disruptions in Russia lent support. U.S. crude oil stockpiles rose while gasoline and distillate inventories fell last week as seasonal maintenance at refineries led to lower processing, …

Oil prices down on US fuel stocks build, dollar strength
2 months, 3 weeks ago

Oil prices down on US fuel stocks build, dollar strength

Live Mint  

By Nicole Jao NEW YORK -Oil prices fell more than 1% on Wednesday as a stronger dollar and large builds in U.S. fuel inventories last week pressured prices, reversing earlier gains driven by tightening supplies from Russia and other OPEC members. Gasoline stocks rose by 6.3 million barrels last week to 237.7 million barrels, compared with analysts' expectations in a …

Oil rises as investors return from holidays, eye China recovery
2 months, 4 weeks ago

Oil rises as investors return from holidays, eye China recovery

The Hindu  

Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed China's economy and fuel demand following a pledge by President Xi Jinping to promote growth. Investors are also awaiting weekly U.S. oil stocks data from the Energy Information Administration that has been delayed until Thursday due to the New Year …

Oil rises as investors return from holidays, eye China recovery
Trending News
3 months ago

Oil rises as investors return from holidays, eye China recovery

Live Mint  

By Florence Tan SINGORE, - Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed a recovery in China's economy and fuel demand following a pledge by President Xi Jinping to promote growth. Traders are returning to their desks and probably weighing higher geopolitical risks and also the impact of …

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight
3 months, 3 weeks ago

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight

Live Mint  

-- Oil steadied after a decline, with traders looking ahead to an OPEC meeting on Thursday that’s expected to see the cartel again defer a move to revive output in an already well-supplied market. While commercial stockpiles shrank more than 5 million barrels for the biggest weekly drop since August, nationwide oil production hit a record in a reminder of …

Trump’s pick for fracker-in-chief will have a tough time pumping a lot more oil
4 months, 2 weeks ago

Trump’s pick for fracker-in-chief will have a tough time pumping a lot more oil

CNN  

CNN — President-elect Donald Trump may find the road to cheaper gas prices is a little rocky. Andy Cross/The Denver Post/Getty Images The United States produces more than 13.4 million barrels of oil each day and oil production is projected to increase to an estimated 13.6 million by the end of 2025 — the most oil produced by any country …

Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71
4 months, 2 weeks ago

Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71

Live Mint  

International crude oil prices settled down more than two per cent in the previous session as investors fretted about weaker Chinese oil demand and a potential slowing in the pace of US Federal Reserve interest rate cuts after the latest macroeconomic data. Back home, crude oil futures settled 1.86 per cent lower at ₹5,660 per barrel on the multi commodity …

Oil prices edge up on Gulf of Mexico storm ahead of US election results
4 months, 3 weeks ago

Oil prices edge up on Gulf of Mexico storm ahead of US election results

Live Mint  

By Scott DiSavino NEW YORK -Oil prices edged up about 1% on Tuesday with a storm expected to cut U.S. output in the Gulf of Mexico and as the U.S. dollar weakened on Election Day with polls showing America's presidential race exceptionally close. BUSY WEEK AHEAD Still, risk-taking remains limited with a busy week - including the U.S. election, the …

Oil eases on weak US fuel demand, profit taking
9 months ago

Oil eases on weak US fuel demand, profit taking

Live Mint  

* US gasoline demand fell in April -EIA * US personal consumption inflation in line with forecasts * US oil rig count hits lowest since December 2021 By Nicole Jao NEW YORK, - Oil prices fell slightly on Friday as investors weighed weak U.S. fuel demand and took some money off the table at quarter-end, while key inflation data for …

Oil picks pace after Middle East strain, US stocks curbs stoke supply worries; Brent up 2% at $86/bbl
9 months ago

Oil picks pace after Middle East strain, US stocks curbs stoke supply worries; Brent up 2% at $86/bbl

Live Mint  

Crude oil prices picked pace on Thursday, June 27, driven by worries over global crude supply disruptions as geopolitical pressure in the Middle East and Europe increased, while a surprise build in US crude and gasoline inventories capped gains. Coming to domestic prices, crude oil futures last traded 0.04 per cent higher at ₹6,807 per barrel on the multi commodity …

Oil countries predict an oversupply of gasoline by 2030 – driving down prices at US pumps
9 months, 2 weeks ago

Oil countries predict an oversupply of gasoline by 2030 – driving down prices at US pumps

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Good news for drivers, …

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
10 months, 1 week ago

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Biden administration said …

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
10 months, 1 week ago

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump

Associated Press  

WASHINGTON — The Biden administration said Tuesday it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer. The move, which the department said is intended to help “lower costs for American families and consumers,″ follows a mandate from Congress to sell off the …

US President Joe Biden, Federal Reserve can’t afford further rally in oil prices: Christopher Wood
1 year ago

US President Joe Biden, Federal Reserve can’t afford further rally in oil prices: Christopher Wood

Live Mint  

In the past week, the prices of crude oil have risen on the backs of high demand and reduced supply forecast by the International Energy Agency in 2024. Last week, both Brent and WTI crude oil witnessed a 4% rally, and as per Christopher Wood, the Global Head of Equity Strategy at Jefferies, rising oil prices in the last thing …

Oil prices extend over 1% drop ahead of US Fed policy verdict; Brent at $81
1 year, 2 months ago

Oil prices extend over 1% drop ahead of US Fed policy verdict; Brent at $81

Live Mint  

Oil prices edged lower on Tuesday, January 30, extending a more than one per cent drop in the previous session on China's economic outlook, however the losses were kept in check by supply fears driven escalating tensions in the Middle East. Back home, on the Multi Commodity Exchange, crude oil futures due for a February 16 expiry, was last trading …

Meet America’s Newest Oil Trader Extraordinaire: Joe Biden
1 year, 3 months ago

Meet America’s Newest Oil Trader Extraordinaire: Joe Biden

Live Mint  

President Biden’s unprecedented release of oil from America’s petroleum reserves in 2022 turned the White House into an unusually active player in the volatile crude market. The flood of emergency supplies helped arrest surging oil prices after Russia invaded Ukraine, and pulled billions of dollars into the Energy Department’s coffers in the process. The Energy Department says it has already …

Oil prices jump 2% on supply worries after large US stock drawdown
1 year, 5 months ago

Oil prices jump 2% on supply worries after large US stock drawdown

Live Mint  

Oil prices gained nearly $2 in early trade on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stocks amid worries about supply disruptions from the Middle East due to a deepening Israel-Hamas conflict. U.S. crude stocks fell by about 4.4 million barrels in the week ended Oct. 13, according to market sources citing American Petroleum Institute figures …

Fuel price warning as oil nears 100 dollars a barrel
1 year, 6 months ago

Fuel price warning as oil nears 100 dollars a barrel

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Motorists are being warned over …

Biden delays plans to restock nation’s emergency oil reserve
1 year, 7 months ago

Biden delays plans to restock nation’s emergency oil reserve

Associated Press  

WASHINGTON — The Biden administration is delaying plans to restock the nation’s emergency oil reserve amid a price hike that has pushed oil above $80 a barrel. The administration said it remains committed to refilling the reserve, which President Joe Biden significantly drained last year in a bid to stop gasoline prices from rising amid production cuts by OPEC and …

Biden delays plans to restock nation’s emergency oil reserve
1 year, 7 months ago

Biden delays plans to restock nation’s emergency oil reserve

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Biden administration is …

Oil prices remain steady as high inventories balance US debt bill development
1 year, 10 months ago

Oil prices remain steady as high inventories balance US debt bill development

Live Mint  

Oil prices held steady on Thursday as news of rising inventories in the largest oil consumer in the world overshadowed likely pauses in US interest rate hikes and the passage of the crucial vote on the US debt ceiling bill. While US West Texas Intermediate crude declined by 16 cents, or 0.23%, to $67.93, Brent crude futures dropped 17 cents, …

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories
1 year, 10 months ago

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories

Live Mint  

Oil prices dropped on May 10, ending a three-day rally as an unexpected rise in US oil inventories sparked demand concerns and markets saw cautious trading as investors' anxiety as they await inflation data. Surprise increase to US crude oil inventories US crude inventories rose by about 3.6 million barrels in the week ended May 5 while petrol stockpiles rose …

Oil producers’ cuts could boost gasoline prices, help Russia
1 year, 11 months ago

Oil producers’ cuts could boost gasoline prices, help Russia

Associated Press  

FRANKFURT, Germany — Major oil-producing countries led by Saudi Arabia said they’re cutting supplies of crude — again. The decision by oil producers, many of them in the OPEC oil cartel, to cut production by more than 1 million barrels a day comes after prices for international benchmark crude slumped amid a slowing global economy that needs less fuel for …

Oil producers' cuts could boost gasoline prices, help Russia
1 year, 11 months ago

Oil producers' cuts could boost gasoline prices, help Russia

Firstpost  

Russia is joining in by extending its own cuts for the rest of the year. In theory, less oil flowing to refineries should mean higher gasoline prices for drivers and could boost the inflation hitting the US and Europe Major oil-producing countries led by Saudi Arabia said they’re cutting supplies of crude — again. In theory, less oil flowing to …

Oil powers, including Saudi Arabia, announce cuts that amount to more than 1 million barrels per day
1 year, 11 months ago

Oil powers, including Saudi Arabia, announce cuts that amount to more than 1 million barrels per day

ABC  

Major oil powers led by Saudi Arabia have announced a surprise production cut of more than 1 million barrels per day, calling it a "precautionary" move aimed at stabilising the market. Key points: Cuts by Saudi Arabia, Iraq, UAE, Kuwait, Algeria and Oman will top one million barrels per day Russia is extending its existing cut of 500,000 barrels per …

US buying 3M barrels of oil to start replenishing reserves
2 years, 3 months ago

US buying 3M barrels of oil to start replenishing reserves

Associated Press  

WASHINGTON — The Biden administration said Friday it is buying 3 million barrels of oil to begin to replenish U.S. strategic reserves that officials drained earlier this year in a bid to stop gasoline prices from rising amid production cuts by OPEC and a ban on Russian oil imports. President Joe Biden withdrew 180 million barrels from the Strategic Petroleum …

US buying 3M barrels of oil to start replenishing reserves
2 years, 3 months ago

US buying 3M barrels of oil to start replenishing reserves

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Biden administration said …

US oil prices hit lowest level in nearly a year. Gas is down 6% in a month
2 years, 4 months ago

US oil prices hit lowest level in nearly a year. Gas is down 6% in a month

CNN  

London CNN Business — US oil prices have fallen to their lowest level since December 2021 on concerns that protests in China against Covid-19 lockdowns will dent demand. Global oil prices have fallen about 35% since June as strict coronavirus restrictions in China have kept demand weak, and as some of the world’s major economies have signaled they are heading …

World’s most-crucial fuel heads for shortage touching everything
2 years, 4 months ago

World’s most-crucial fuel heads for shortage touching everything

Live Mint  

No fuel is more essential to the global economy than diesel. People potentially freezing to death is another.” In the US, stockpiles of diesel and heating oil are at their lowest point ever for this time of year in data going back four decades. Global export markets have gotten so tight that poorer countries like Pakistan are getting shut out, …

Oil prices up 1% on decline in US crude inventory
2 years, 4 months ago

Oil prices up 1% on decline in US crude inventory

Live Mint  

NEW DELHI: Global crude oil prices rose over 1% on Wednesday following a decline in US stockpiles. Rahul Kalantri, vice president for commodities at Mehta Equities, said, “Despite aggressive interest rate hikes by the US Fed so far, crude oil demand has remained robust, as per the industry data released on Tuesday. The American Petroleum Institute reports showed crude oil …

Ahead of elections, Biden announces steps to reduce gas prices in U.S.
2 years, 5 months ago

Ahead of elections, Biden announces steps to reduce gas prices in U.S.

The Hindu  

Ahead of the crucial mid-term polls, U.S. President Joe Biden has announced a slew of measures to lower gas prices, which have been hurting the middle class. Mr. Biden, in a major policy speech, reiterated that Russian President Vladimir Putin was responsible for the hike in energy prices in the U.S. “When the price of gas goes up, other expenses …

Amid fuel shortage, US banks on Strategic Petroleum Reserve: What is it?
2 years, 5 months ago

Amid fuel shortage, US banks on Strategic Petroleum Reserve: What is it?

Firstpost  

America’s Strategic Petroleum Reserve is a collection of underground salt caverns in Texas and Louisiana that can hold more than 700 million barrels of oil. Joe Biden plans to release 15 million barrels of oil from here to counter the recent production cuts by OPEC and its allies Dallas: President Joe Biden plans to release 15 million barrels of oil …

Facing tough midterms, Biden releasing oil from US reserve
2 years, 5 months ago

Facing tough midterms, Biden releasing oil from US reserve

Associated Press  

WASHINGTON — High gasoline prices are the problem that President Joe Biden keeps trying to fix — and roughly a year’s worth of extraordinary efforts have done little to significantly lower costs. The reserve now contains roughly 400 million barrels of oil, a level that opponents say has more to do with Biden’s attempts to help his fellow Democrats than …

EXPLAINER: What is the Strategic Petroleum Reserve?
2 years, 5 months ago

EXPLAINER: What is the Strategic Petroleum Reserve?

Associated Press  

DALLAS — President Joe Biden plans to release 15 million barrels of oil or more from the U.S. strategic reserves in an effort to stop gasoline prices from rising now that OPEC and its allies plan to cut production. America’s Strategic Petroleum Reserve is a collection of underground salt caverns in Texas and Louisiana that can hold more than 700 …

Biden to release 15M barrels from oil reserve, more possible
2 years, 5 months ago

Biden to release 15M barrels from oil reserve, more possible

Associated Press  

WASHINGTON — President Joe Biden will announce the release of 15 million barrels of oil from the U.S. strategic reserve Wednesday as part of a response to recent production cuts announced by OPEC+ nations, and he will say more drawdowns are possible this winter, as his administration rushes to be seen as pulling out all the stops ahead of next …

Biden releasing 15 million barrels of oil from strategic reserve
2 years, 5 months ago

Biden releasing 15 million barrels of oil from strategic reserve

Al Jazeera  

Just weeks before US midterms, move completes a previously announced release of 180 million barrels amid war in Ukraine. US President Joe Biden has announced the release of 15 million barrels of oil from the United States strategic reserve, a move that follows contentious OPEC+ production cuts that have drawn scorn in Washington in advance of next month’s midterm elections. …

Joe Biden to release 15 million barrels from oil reserve, more possible
2 years, 5 months ago

Joe Biden to release 15 million barrels from oil reserve, more possible

India TV News  

Highlights Joe Biden will announce the release of 15 million barrels of oil from the US strategic reserve today This will be done as part of a response to recent production cuts announced by OPEC+ nations US Prez Biden will deliver remarks on Wednesday to announce the drawdown from the strategic reserve United States news : US President Joe Biden …

Biden To Release 15 Million Barrels From Oil Reserve In Effort To Reduce Gas Prices
2 years, 5 months ago

Biden To Release 15 Million Barrels From Oil Reserve In Effort To Reduce Gas Prices

Huff Post  

LOADING ERROR LOADING WASHINGTON — President Joe Biden will announce the release of 15 million barrels of oil from the U.S. strategic reserve Wednesday as part of a response to recent production cuts announced by OPEC+ nations, and he will say more oil sales are possible this winter, as his administration rushes to be seen as pulling out all the …

White House 'plans to release another 15 MILLION barrels of oil' from the US's emergency stockpile
2 years, 5 months ago

White House 'plans to release another 15 MILLION barrels of oil' from the US's emergency stockpile

Daily Mail  

Joe Biden is planning to release up to 15million barrels of oil from the US's emergency oil reserves as he tries to stem soaring gasoline prices. President Biden is planning to release up to 15million barrels of oil from the United States' emergency oil reserves as he tries to stem soaring gasoline prices The oil release would be the latest …

Oil rises as OPEC+ agrees to deep cuts, U.S. stockpiles fall
2 years, 5 months ago

Oil rises as OPEC+ agrees to deep cuts, U.S. stockpiles fall

The Hindu  

Oil rose about 1% on Wednesday, as OPEC+ agreed to its deepest cuts to production since the 2020 COVID-19 pandemic, despite a tight market and opposition to cuts from the United States and others. Prices also rose on U.S. government data that showed crude and fuel inventories fell last week. The United States was pressing OPEC+ producers to avoid making …

US gas prices tick up, ending 99-day streak of lower costs
2 years, 6 months ago

US gas prices tick up, ending 99-day streak of lower costs

Associated Press  

A 99-day run of falling gasoline prices — a streak that gave consumers a glimmer of hope that red-hot inflation might be cooling — has ended, with pump prices still much higher than a year ago. “I suspect that we will see choppy prices for gasoline through year end, with some down days and up days,” said Tom Kloza of …

OPEC+ oil boost likely not much help to high gasoline prices
2 years, 9 months ago

OPEC+ oil boost likely not much help to high gasoline prices

Associated Press  

NEW YORK — The OPEC oil cartel and allied producing nations decided Thursday to boost production of crude by an amount that will likely do little to relieve high gasoline prices at the pump and energy-fueled inflation plaguing the global economy. Before that, it had been adding about 432,000 barrels per day monthly to put oil back on the market …

Biden tells oil refiners: Produce more gas, fewer profits
2 years, 9 months ago

Biden tells oil refiners: Produce more gas, fewer profits

Associated Press  

President Joe Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump. “While we appreciate the opportunity to open increased dialogue with the White House, the administration’s misguided policy agenda shifting away …

Several factors are converging to push gas prices higher
2 years, 9 months ago

Several factors are converging to push gas prices higher

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. The United States is the world's largest oil …

OPEC+ alliance boosts oil production as energy prices soar
2 years, 9 months ago

OPEC+ alliance boosts oil production as energy prices soar

Associated Press  

LONDON — The OPEC oil cartel and allied producing countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy prices. “The United States will continue to use all tools at our disposal to address energy prices pressures.” Biden administration officials have recently visited Saudi …

Oil rises 4% as US gasoline prices jump to record high
2 years, 10 months ago

Oil rises 4% as US gasoline prices jump to record high

Al Jazeera  

Global benchmark Brent fell for the first time in three weeks. Oil prices rose about 4 percent on Friday as United States gasoline prices jumped to a record high, China looked ready to ease pandemic restrictions and investors worried supplies will tighten if the European Union bans Russian oil. Automobile club AAA said US prices at the pump rose to …

Oil prices rise 1.5%, another weekly gain as EU nears Russia ban
2 years, 10 months ago

Oil prices rise 1.5%, another weekly gain as EU nears Russia ban

Al Jazeera  

Global benchmark futures settled at $112.39 per barrel while US West Texas Intermediate climbed to $109.77 a barrel. Oil prices rose almost 1.5 percent on Friday, settling with a second straight weekly increase as impending European Union sanctions on Russian oil raised the prospect of tighter supply and had traders shrugging off worries about global economic growth. “There is zero …

Biden administration launches plan to refill emergency oil reserve
2 years, 10 months ago

Biden administration launches plan to refill emergency oil reserve

CNN  

New York CNN Business — The Biden administration plans to seek bids this fall to buy 60 million barrels of crude oil as the first step in a years-long process aimed at replenishing America’s emergency oil reserve, an Energy Department official told CNN. This would mark the first time since the early 2000s that the Energy Department has acquired large …

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