Biden orders release of 1 million barrels of oil a day from U.S. strategic reserve
2 years, 9 months ago

Biden orders release of 1 million barrels of oil a day from U.S. strategic reserve

LA Times  

President Biden’s order to release 1 million barrels of oil a day from the U.S. strategic petroleum reserve for six months is a bid to control prices that have spiked after the United States and allies imposed sanctions on Russia over its invasion of Ukraine. President Biden on Thursday ordered the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, a bid to control energy prices that have spiked after the United States and allies imposed steep sanctions on Russia over its invasion of Ukraine. Biden said Thursday that he expects gasoline prices could drop “fairly significantly.” Part of Biden’s concern is that high prices have not so far coaxed a meaningful jump in oil production. And, until that policy changes, we’re going to have a problem.” Sen. Steve Daines blasted Biden’s action to tap the reserve without first taking steps to increase American energy production, calling it “a Band-Aid on a bullet wound.” Daines called Biden’s actions “desperate moves” that avoid what he called the real solution: “investing in American energy production” and getting “oil and gas leases going again.” The administration says increasing oil output is a gradual process and the release would provide time to ramp up production.

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History of this topic

Oil prices down on US fuel stocks build, dollar strength
1 week 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 sheds 3% in 5 days on US Fed rate cut outlook, weak Chinese demand; Brent slips below $73/bbl
3 weeks, 5 days ago

Oil sheds 3% in 5 days on US Fed rate cut outlook, weak Chinese demand; Brent slips below $73/bbl

Live Mint  

International crude oil prices settled little changed in the previous session after markets weighed weak Chinese demand and fewer interest rate-cut expectations by the US Federal Reserve after recent prints of US inflation. -The US dollar retreated from a two-year high but was heading for a third consecutive week of gains after data showed cooling US inflation two days after …

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight
1 month, 1 week 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 …

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

Biden admin makes final oil purchase for depleted Strategic Reserve as emergency funds are used up
2 months, 1 week ago

Biden admin makes final oil purchase for depleted Strategic Reserve as emergency funds are used up

Firstpost  

The Biden administration has bought back 59 million barrels after the 2022 sale at an average price of less than $76 a barrel, far lower than the $95 a barrel it sold oil in 2022. The Department of Energy said it had bought 2.4 million barrels of oil for the reserve for delivery from April through May to the SPR’s …

Oil Prices Rise as Middle East War Rages, but China's Demand Remains a Key Factor
2 months, 3 weeks ago

Oil Prices Rise as Middle East War Rages, but China's Demand Remains a Key Factor

Live Mint  

Oil prices remain volatile as the Middle East war rages on, with Brent crude futures settling higher for the second consecutive session. China's recent efforts to stimulate its economy are expected to have a positive impact on oil demand, but it may take some time for the stimulus efforts to filter through to oil demand. Global oil inventories point to …

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
7 months, 3 weeks 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
7 months, 3 weeks 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 …

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast
9 months ago

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast

Live Mint  

The Organization of the Petroleum Exporting Countries left its estimates for global oil-demand growth unchanged, but lowered its forecast for non-OPEC supply growth for this year and next. The group cut its non-OPEC supply growth forecast to 1 million barrels a day for 2024 from 1.1 million barrels a day previously, saying the main drivers of growth are expected to …

Oil rally cools off as prices slip 2% ahead of US Federal Reserve verdict; Brent down to $85.9/bbl
9 months, 3 weeks ago

Oil rally cools off as prices slip 2% ahead of US Federal Reserve verdict; Brent down to $85.9/bbl

Live Mint  

International crude oil prices slipped on Wednesday, March 20, after hitting multi-month highs in the previous session, as investors braced for the US Federal Reserve's interest rate policy announcement later in the day. Coming to domestic prices, crude oil futures were last trading 2.05 per cent lower at ₹6,746 per barrel on the multi commodity exchange. Oil prices pullback ahead …

Meet America’s Newest Oil Trader Extraordinaire: Joe Biden
1 year 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 …

Biden delays plans to restock nation’s emergency oil reserve
1 year, 5 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, 5 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 …

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market
1 year, 7 months ago

OPEC: Saudi Arabia Cuts One Million Barrels Per Day Output to Stabilize Oil Market

News 18  

Riyadh on Sunday announced it would slash output further by one million barrels per day in a bid to prop up prices, despite fears of a recession. – ‘No disagreement’ – Russia’s Deputy Prime Minister Alexander Novak said the current output cuts were being extended until the end of 2024 after examining the matter “for a long time”. Saudi Arabia, …

Oil prices remain steady as high inventories balance US debt bill development
1 year, 7 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, 8 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 prices surge after OPEC’s surprise output cuts
1 year, 9 months ago

Oil prices surge after OPEC’s surprise output cuts

Al Jazeera  

Price jump comes after news oil producers will slash output by about 1.16 million barrels per day. Oil prices have surged after Saudi Arabia and other OPEC+ producers announced a surprise round of output cuts, a potentially ominous sign for global inflation just days after a slowdown in US price data had boosted market optimism. Brent oil futures jumped $4.30 …

Oil powers, including Saudi Arabia, announce cuts that amount to more than 1 million barrels per day
1 year, 9 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 …

OPEC+ makes over 1 million-barrel oil production cut - Here’s a detailed list
1 year, 9 months ago

OPEC+ makes over 1 million-barrel oil production cut - Here’s a detailed list

Live Mint  

OPEC+ announced a surprise oil production cut on Sunday, ignoring previous assurances that it would hold supply steady to maintain a stable market. The reduction is slated to exceed 1 million barrels a day, and according to analysts, may mean a rise in global oil prices by $10 per barrel. Meanwhile, war-hit Russia has said that it would continue the …

US buying 3M barrels of oil to start replenishing reserves
2 years 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 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 …

OPEC cuts oil demand outlook as it starts to curb production
2 years, 2 months ago

OPEC cuts oil demand outlook as it starts to curb production

Live Mint  

OPEC reduced its forecasts for global oil demand again as the group implements production cutbacks aimed at keeping markets in balance. This means the supply cut of 2 million barrels a day agreed by the group and its allies last month -- drawing fierce criticism from US President Joe Biden -- should bring output down to levels that balance markets, …

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

Facing tough midterms, Biden releasing oil from US reserve
2 years, 2 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 …

Biden to release 15M barrels from oil reserve, more possible
2 years, 2 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 …

Joe Biden to release 15 million barrels from oil reserve, more possible
2 years, 2 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 releasing 15 million barrels of oil from strategic reserve
2 years, 2 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. …

Biden To Release 15 Million Barrels From Oil Reserve In Effort To Reduce Gas Prices
2 years, 2 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, 2 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, 3 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 …

Biden tells oil refiners: Produce more gas, fewer profits
2 years, 7 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 …

OPEC+ opens oil taps gradually as Russian war roils markets
2 years, 8 months ago

OPEC+ opens oil taps gradually as Russian war roils markets

Associated Press  

LONDON — OPEC and allied oil-producing countries decided Thursday to gradually increase the flows they send to the world, even as Europe’s plan to sanction Russian oil threatens to yank millions of barrels off a global market already thirsty for crude. Still, analysts from Rystad Energy foresee the global market potentially losing up to 2 million barrels within six months …

Biden administration launches plan to refill emergency oil reserve
2 years, 8 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 …

Debate fueled as Biden taps key petroleum stockpile
2 years, 9 months ago

Debate fueled as Biden taps key petroleum stockpile

China Daily  

Fuel prices are displayed at a gasoline station in San Francisco last month. DAVID PAUL MORRIS/BLOOMBERG/GETTY IMAGES Rising gasoline prices highlight US political divide In response to rising gasoline prices and amid political rumblings, United States President Joe Biden has tapped the nation's Strategic Petroleum Reserve to increase the available oil supply while promoting a transition from fossil fuels. The …

Debate fueled as Biden taps key petroleum stockpile
2 years, 9 months ago

Debate fueled as Biden taps key petroleum stockpile

China Daily  

Drivers wait to cross the San Francisco-Oakland Bay Bridge in California last month. DAVID PAUL MORRIS/BLOOMBERG/GETTY IMAGES Once the president calls for a release, it can take at least 13 days for the oil to go out for delivery, according to the DoE. The first 90 million barrels will be released from May to July through two notices of sale …

Debate fueled as Biden taps key petroleum stockpile
2 years, 9 months ago

Debate fueled as Biden taps key petroleum stockpile

China Daily  

Fuel prices are displayed at a gasoline station in San Francisco last month. DAVID PAUL MORRIS/BLOOMBERG/GETTY IMAGES Rising gasoline prices highlight US political divide In response to rising gasoline prices and amid political rumblings, United States President Joe Biden has tapped the nation's Strategic Petroleum Reserve to increase the available oil supply while promoting a transition from fossil fuels. The …

Debate fueled as Biden taps key petroleum stockpile
2 years, 9 months ago

Debate fueled as Biden taps key petroleum stockpile

China Daily  

Fuel prices are displayed at a gasoline station in San Francisco last month. DAVID PAUL MORRIS/BLOOMBERG/GETTY IMAGES Rising gasoline prices highlight US political divide In response to rising gasoline prices and amid political rumblings, United States President Joe Biden has tapped the nation's Strategic Petroleum Reserve to increase the available oil supply while promoting a transition from fossil fuels. The …

Nations to release millions of barrels of oil amid war
2 years, 9 months ago

Nations to release millions of barrels of oil amid war

Associated Press  

PARIS — The International Energy Agency said Thursday that its member countries are releasing 60 million barrels of oil from their emergency reserves on top of previous U.S. pledges to take aim at energy prices that have soared since Russia invaded Ukraine. The releases show “the determination of member countries to protect the global economy from the social and economic …

Nations to release millions of barrels of oil amid war
2 years, 9 months ago

Nations to release millions of barrels of oil amid war

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 The International Energy Agency said …

Why Biden’s release of US oil reserves won’t end pain at the pump
2 years, 9 months ago

Why Biden’s release of US oil reserves won’t end pain at the pump

Al Jazeera  

Gas prices will keep rising amid Russian war in Ukraine as sanctions tighten and demand outstrips supply, experts say. Washington, DC – When Joe Biden announced that the United States would release more than 180 million barrels of oil from its strategic petroleum reserve over the next six months, the US president hailed it as an historic move that would …

Oil prices ease as nations agree to tap reserves
2 years, 9 months ago

Oil prices ease as nations agree to tap reserves

Al Jazeera  

Both Brent and US crude benchmarks settled down around 13 percent. Both Brent and US crude benchmarks settled down around 13 percent in their biggest weekly falls in two years after US President Joe Biden announced the release on Thursday. Biden announced a release of one million barrels per day of crude oil for six months from May, which at …

Biden oil move aims to cut gas prices ‘fairly significantly’
2 years, 9 months ago

Biden oil move aims to cut gas prices ‘fairly significantly’

Associated Press  

WASHINGTON — President Joe Biden on Thursday ordered the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, a bid to control energy prices that have spiked after the United States and allies imposed steep sanctions on Russia over its invasion of Ukraine. Biden said Thursday he expects gasoline prices could …

EXPLAINER: What is the Strategic Petroleum Reserve?
2 years, 9 months ago

EXPLAINER: What is the Strategic Petroleum Reserve?

Associated Press  

DALLAS — President Joe Biden is again dipping into the nation’s petroleum stockpile to try to corral rising energy prices. The White House announced Thursday that Biden ordered the daily release of 1 million barrels of oil from the strategic petroleum reserve for the next six months. Then, in his state of the union speech in March, Biden announced another …

Joe Biden planning to release one million barrels per day from oil reserves to control gas prices
2 years, 9 months ago

Joe Biden planning to release one million barrels per day from oil reserves to control gas prices

Firstpost  

The announcement could come as soon as Thursday, when the White House says Biden is planning to deliver remarks on his administration’s plans to combat rising gas prices. Washington: President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve, according to two people familiar with …

Biden planning to tap oil reserve to control gas prices
2 years, 9 months ago

Biden planning to tap oil reserve to control gas prices

Associated Press  

WASHINGTON — President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of …

Biden releasing one million barrels of oil per day to cool prices
2 years, 9 months ago

Biden releasing one million barrels of oil per day to cool prices

Al Jazeera  

Barrels will come from US’s strategic petroleum reserve, as Russian invasion of Ukraine has sent prices skyrocketing. US President Joe Biden has ordered the release of up to one million barrels of oil per day from the United States’ strategic petroleum reserve, as it moves to lessen the impact of rising gas prices amid Russia’s invasion of Ukraine. “Today I’m …

Explainer: How the US’s strategic petroleum reserve works
2 years, 9 months ago

Explainer: How the US’s strategic petroleum reserve works

Al Jazeera  

Joe Biden is releasing millions of barrels from the United States’ crude oil stash. US President Joe Biden has announced the release of one million barrels of crude oil every day for the next six months from the Strategic Petroleum Reserve, the largest such release from the United States stockpile in history. The latest amount of US oil release would …

Biden plans a major withdrawal from the country's oil reserves to control gas prices
2 years, 9 months ago

Biden plans a major withdrawal from the country's oil reserves to control gas prices

NPR  

Biden plans a major withdrawal from the country's oil reserves to control gas prices Enlarge this image toggle caption Demetrius Freeman/The Washington Post via Getty Images Demetrius Freeman/The Washington Post via Getty Images President Biden announced a plan Thursday to draw 1 million barrels of oil per day for the next six months from the U.S. Strategic Petroleum Reserve — …

What to know about the U.S. emergency oil stash as Biden gears up to tap the reserves
2 years, 9 months ago

What to know about the U.S. emergency oil stash as Biden gears up to tap the reserves

NPR  

What to know about the U.S. emergency oil stash as Biden gears up to tap the reserves Enlarge this image toggle caption Saul Loeb/AFP via Getty Images Saul Loeb/AFP via Getty Images President Biden is planning the largest-ever release from its emergency oil stash as the U.S. reels from a surge in gasoline prices The president announced on Thursday a …

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