OPEC has taken the decision to cut production by 2 million barrels per day from its August target, amid growing concerns over weak pricing.
strategic petroleum reserve
The UK will join the US in releasing more oil from its reserves as part of a joint effort to lower prices and reduce reliance on Russian supplies, two people familiar with the matter said.
The UK will back President Joe Biden’s plans to release emergency oil supplies in an attempt to reduce the price of oil.
The tightness in global oil markets that propelled prices to a seven-year high is starting to ease as production recovers in the U.S. and elsewhere, the International Energy Agency said.
China begins the sale of its strategic petroleum reserves (SPR) today, which is unlikely to have material impact on crude oil markets globally, reckons Wood Mackenzie.