US Department of Energy moves to transfer 53.3 million barrels amid rising oil prices.
US Department of Energy moves to transfer 53.3 million barrels amid rising oil prices.
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The United States has announced its latest release of emergency oil stockpiles in coordination with the International Energy Agency (IEA).
The US Department of Energy said on Monday that it had begun transferring 53.3 million barrels from the strategic petroleum reserve after awarding contracts to nine companies under its emergency exchange programme.
The IEA's oil market report for May noted that global oil supply declined by a further 1.8 million barrels per day in April.
The IEA's oil 'demand destruction' report comes after its chief said unnamed countries are hoarding stocks.
UAE wants to supply more oil than its OPEC quota and that could help push down prices once the Strait of Hormuz opens.
The US agency made huge revisions to its global oil supply, demand and inventory projections as a result of the Mideast war and…
The agency thus worsened its demand forecast by 334,000 bpd compared with its April expectations, when the IEA projected a…
Move is part of a broader US push to curb politically sensitive fuel price spikes before November’s midterm elections.
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