Oil Prices ///

“Short-sighted policy”: Oil companies and trade groups weigh in on Biden’s SPR move

The Biden administration’s unprecedented, coordinated attempt to tame oil prices by authorizing one of the biggest ever draw-downs of U.S. crude reserves has elicited a collective shrug from the oil industry.

European gas prices rise on U.S.-Russia sanctions, SPR plans

European natural gas futures rose on Tuesday after the U.S. imposed its latest sanctions aimed at Russia’s Nord Stream 2 pipeline, a move the Kremlin says is “illegal.”

U.S. considering a ban on crude oil exports, says House Democrat

A House Democrat who’s urging the White House to reduce oil prices by banning exports of U.S. crude oil says he’s been told the idea is under consideration.

”This is not going to solve much”: Oil prices climb after crude release announcement

Oil prices recovered earlier declines as the U.S. and other consuming nations announced a landmark move to tap their strategic reserves.

Biden orders release of oil reserves, in a challenge to OPEC

The U.S. will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India and South Korea and the UK -- an unprecedented, coordinated attempt by the world’s largest oil consumers to tame prices that could prompt a backlash by OPEC+.

Oil prices climb as OPEC preps response to upcoming SPR releases

Oil advanced amid speculation that OPEC and its allies may not add as much supply to the market as previously planned if the U.S. releases crude reserves in coordination with other nations.

Biden to announce multinational oil reserve release as soon as Tuesday

President Joe Biden is preparing to announce a release of oil from the nation’s Strategic Petroleum Reserve in concert with several other countries as soon as Tuesday, according to people familiar with the plan.

OPEC considers lowering production to account for oil reserve releases

OPEC and its allies may re-evaluate plans for reviving oil supplies if the world’s four largest consuming countries go ahead with a coordinated release of their strategic petroleum reserves.

Threat of new European lockdowns send oil prices tumbling

Oil was on track to post its biggest weekly drop since August as Europe’s worsening Covid-19 crisis renewed the prospect of lockdowns just as key consuming nations look to add emergency supply to the market.

What the House passage of Biden’s $2T tax and spending bill means for U.S. energy

Commenting on the passage of the bill, American Petroleum Institute President and CEO Mike Sommers said “At a time when energy prices have risen alongside broader economy-wide inflation, the House reconciliation bill would only exacerbate the challenges facing Americans."

Goldman says oil prices already account for a joint SPR release

The White House’s push for releases of oil from national reserves is already fully priced into the market following the drop in crude prices in recent weeks, according to Goldman Sachs Group Inc.

U.S. EIA projects declining crude oil prices during 2022

In its November Short-Term Energy Outlook, the U.S. Energy Information Administration forecasts that rising production from OPEC+ countries and the United States will lead to global liquid fuels inventories increasing and crude oil prices falling in 2022.

China begins releasing oil from its strategic reserves

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. considers turning an 1890 antitrust law against OPEC to steer oil price

Some U.S. lawmakers are seizing on the energy price surge to revive long-standing legislation that would subject the OPEC oil cartel to the same antitrust laws used more than century ago to break up Standard Oil’s monopoly.

Oil prices fall to six-week low on prospect of strategic crude releases

Oil tumbled to the lowest in nearly six weeks as investors considered the prospect of a release of crude supplies from strategic reserves.

Biden renews pressure to find “illegal conduct” behind soaring gasoline prices

President Joe Biden urged the Federal Trade Commission to probe possible illegal conduct in U.S. gasoline markets, though any inquiry by the agency is unlikely to have an immediate impact on pump prices paid by consumers.

Scale of oil’s swing to surplus is next year’s big market puzzle

The oil market is about to swing into a healthy supply surplus, if the world's big international energy forecasters are to be believed.

Joe Biden and Xi Jinping discuss tandem U.S.-China oil stockpile release

President Joe Biden has been weighing the merits of releasing oil from the Strategic Petroleum Reserve to try to quell gasoline prices. A release by China was raised by the U.S. during this week’s virtual summit with President Xi Jinping, the South China Morning Post reported, citing an unidentified person.

Rosneft says OPEC under-investment could lead to $120 oil in 2022

Global oil prices may rise to as high as $120 by the middle of next year as the ability of OPEC+ to meet demand is at risk from under-investments and sanctions, according to a Rosneft PJSC executive.

EIA says tapping U.S. crude reserve would have limited economic effect

Oil edged up after the Energy Information Administration said the impact of a potential release from U.S. emergency crude reserves would only be short-lived.