OPEC slashes production, Biden talks tough
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
UK agrees to join US in strategic oil reserves release
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.
UK backs US oil release plans with eye on controlling prices
The UK will back President Joe Biden’s plans to release emergency oil supplies in an attempt to reduce the price of oil.
IEA says end of oil price rally in sight as production recovers
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’s maiden SPR auction unlikely to affect global oil markets, Woodmac says
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.