U.S., China, Japan, India, South Korea and Britain release strategic oil reserves
65BFB980-0651-4C83-9207-BD87209FD94E
The United States has reached an agreement with China, India, Japan, South Korea and Great Britain to release strategic reserves of oil to stabilise the situation on markets.

“The President has been working with countries across the world to address the lack of supply as the world exits the pandemic,” the White House said in a statement.

  The United States indicated it was prepared to sell 50 million barrels of oil from its strategic reserves.

   The decision to open up the strategic reserves was taken to stabilise oil prices. Unexpectedly, it had the opposite effect. Against the background of the White House statement, the price of Brent began to rise. January futures for Brent on ICE Futures at 1300 GMT on 23rd November had climbed 0.18 % to stand at $79.84 a barrel.

   On 24th November, at the end of the trading day in Asia, Brent stood at a level near $82.50.

   Analysts pondered why prices rose despite the widely-announced international release of the reserves.

    The move had been widely anticipated for weeks and traders took due account of what was not a vast amount of new supply on markets. And under the terms of the U.S. announcement, some of the released oil is subject to a “swap” system and must eventually be returned to the strategic reserve.

    And it is not certain if OPEC+ countries will alter plans to stick to a plan of slow, monthly production increases of 400,000 barrels a day. The group’s ministers meet next week.

   Bloomberg reported that OPEC+ officials were prepared to rethink planned crude increases given the     widely expected release from reserves. But analysts said the continued rise in price made any decision by OPEC+ to halt the small increases unlikely.

Share:

Share on facebook
Facebook
Share on telegram
Telegram
Share on email
Email
Share on twitter
Twitter
Share on vk
VK
Share on odnoklassniki
OK
Share on reddit
Reddit

Add comments

Your email address will not be published. Required fields are marked *

Company plans production of zero-waste wind turbine blades

GE Renewable Energy has announced that it plans by 2030 to begin production of zero-waste wind turbine blades. Zero-waste production will be undertaken by the company’s affiliate, LM Wind Power, by overseeing purchases of necessary materials and pledging to “reuse, repurpose, recycle or recover all the excess materials from manufacturing of blades, giving up on landfilling and incineration as waste management solutions”.

read more ...

Archives


November 2021
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
2930