Oil reserve

Crude Oil

Ukraine Crisis: IEA Members Vote to Unlock Oil Reserves to Reassure Markets

The 31 countries of the governing board of the International Energy Agency have agreed to release 60 million barrels of oil from their emergency reserves to “s…

Crude Oil

India may Draw on Oil Reserves to Soften Prices as Ukraine's Invasion Disrupts Global Supplies

India may tap its emergency oil stockpile to cool off prices that have surged on concerns that Russia's invasion of Ukraine will disrupt global supplies.

Oil & Gas Supply

Japan Willing to Release Oil Reserves

Japanese government officials have indicated a willingness to join other countries in releasing oil reserves.

Crude Oil

South Korea To Release 3 Million Barrels Of Oil Reserves In Early 2022

South Korea will release 3.17 million barrels of its oil reserves in the first quarter of 2022 as part of the U.S.-led global effort by major oil-consuming nati…

Oil & Gas Trade

U.S. to Sell 18 mln Barrels of Oil from Reserves on Dec 17

The U.S. Department of Energy said on Friday it will sell 18 million barrels of crude oil from the strategic petroleum reserve on Dec. 17, as part of a previous…

Crude Oil

U.S. May Delay Oil Reserve Release

The United States might adjust the timing of the release of some 50 million barrels of crude oil from the strategic petroleum reserve depending on the direction…

Crude Oil

U.S. Strategic Oil Reserves Could Fall By 50% Over The Next Decade

The U.S. strategic petroleum reserve could drop by 304 million barrels over the next 10 years according to the EIA

Crude Oil

Russia’s Oil Reserves Are Becoming Increasingly Hard To Recover

Nearly all of Russia’s oil production will consist of the so-called hard-to-recover crude reserves unless the country speeds up and incentivizes exploration

Crude Oil

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 co-ordinated release of the…

Oil Price

Japan PM Confirms Oil Reserves May Be Released to Curb Prices

Japan is considering releasing oil from its reserves for the first time to curb surging oil prices.

Crude Oil

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 c…

Crude Oil

Biden “Looking at” Tapping Strategic Oil Reserve, Energy Secretary Says

U.S. President Joe Biden “is looking at” a potential release from the Strategic Petroleum Reserve to bring down gasoline prices after OPEC+ rejected his reque…

China

PetroChina, Hengli Win four Cargoes in First China Oil Reserve Sale

The prices were lower than the spot market as Middle East crude benchmark Dubai was at $74.09 a barrel on Thursday.

Crude Oil

DPR Plans Incentives for Operators, Eyes 50bn Barrels Oil Reserves

According to him, effective implementation of the MER strategies would deliver greater value overall to all stakeholders.

Qatar

Qatar To Build A Luxury Floating Hotel That Generates Electricity

Qatar, one of the richest countries in the Middle East thanks to its massive LNG exports and oil reserves, plans to build a floating eco-hotel that would spin v…