OPEC Unfazed By Falling U.S. Oil Demand

OPEC Unfazed By Falling U.S. Oil Demand

Despite the turbulence in the oil markets due to the previous weeks’ hurricanes, OPEC’s latest report has painted a reassuring picture, indicating that the rebalancing of the oil market may be underway.

U.S. Oil Releases From Emergency Reserves

U.S. Oil Releases From Emergency Reserves

The U.S. Department of Energy said on Friday it would lend additional oil of up to 3.5 million barrels from the nation’s emergency crude reserve to two energy companies along the Gulf Coast after Hurricane Harvey shut about a quarter of the country’s refining industry.

US Releases 1mn Barrels Of Strategic Petroleum Reserve

US Releases 1mn Barrels Of Strategic Petroleum Reserve

The US Department of Energy (DOE) released 1 million barrels of crude oil from the country’s Strategic Petroleum Reserve to avoid rising gasoline prices, as hurricane Harvey has shut down over 20 per cent of refinery capacity.

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