The US Strategic Petroleum Reserve (SPR) dropped by almost 800,000 barrels last week, and the Trump administration moved forward with plans to sell another 40 million barrels in the coming months.
New data released on Monday by the US Department of Energy showed the US energy backstop sitting at 283 million barrels, down from 283.77 million the week prior.
That leaves about two weeks of US oil consumption in the reserve amid widespread worries about global stockpiles, which the head of Saudi Arabia's state producer on Monday called "scarily thin."
Amin Nasser, chief executive of Saudi Aramco, added at an Energy Intelligence Forum in London on Monday that releasing stockpiles will buy economies some time but won't fix the imbalances that have developed between supply and demand.
Yet these withdrawals in the US could soon accelerate after the Trump administration unveiled a request for bids from companies to buy up to 40 million barrels of crude oil from the SPR, with the aim of having the companies return those supplies "with additional premium barrels." The solicitation process is ongoing, and it's unclear if companies will agree to those terms.
#Companies #saudi #week
New data released on Monday by the US Department of Energy showed the US energy backstop sitting at 283 million barrels, down from 283.77 million the week prior.
That leaves about two weeks of US oil consumption in the reserve amid widespread worries about global stockpiles, which the head of Saudi Arabia's state producer on Monday called "scarily thin."
Amin Nasser, chief executive of Saudi Aramco, added at an Energy Intelligence Forum in London on Monday that releasing stockpiles will buy economies some time but won't fix the imbalances that have developed between supply and demand.
Yet these withdrawals in the US could soon accelerate after the Trump administration unveiled a request for bids from companies to buy up to 40 million barrels of crude oil from the SPR, with the aim of having the companies return those supplies "with additional premium barrels." The solicitation process is ongoing, and it's unclear if companies will agree to those terms.
#Companies #saudi #week
2 days ago
