
FILLING THE OIL VOID
OPEC led by Russia and Saudi Arabia have rejected repeated calls to increase the supply of oil ahead of winter, has led major economies to release their strategic petroleum reserves.
The US, Britain, China, India, Japan and Korea have released tens of millions of barrels of crude oil from their strategic stockpiles. This move was to lower climbing global prices and avoid a global recession and a oil shock amidst the recovery from the Covid pandemic.
The US released 50 million barrels from its 620 million barrels. Oil prices still remain high and has left oil traders unhappy. They were expecting about 100 million barrels not 50 million.
Biden administration officials confirmed the release will lower gas prices in the coming weeks. President Biden is reportedly fuming at the OPEC refusal to increase production. OPEC Plus nations may reconsider their decision in a meeting next week.
Source AP
About Post Author
felastory
Share this:
- Click to share on Facebook (Opens in new window)
- Click to share on X (Opens in new window)
- Click to print (Opens in new window)
- Click to share on LinkedIn (Opens in new window)
- Click to share on Reddit (Opens in new window)
- Click to share on Tumblr (Opens in new window)
- Click to share on Pinterest (Opens in new window)
- Click to email a link to a friend (Opens in new window)
- Click to share on Mastodon (Opens in new window)
- Click to share on Nextdoor (Opens in new window)
- More
Related
More Stories
Territorial Dispute
Venezuela and Guyana heads of state to meet on Thursday in a bid to settle a territorial dispute over a...
Cut Oil Production
Russia and Saudi Arabia appeal to other OPEC+ members to cut oil production so as to save the world economy...
Africa Resists OPEC+
Africa resists OPEC+ Nigeria and Angola want to increase oil production despite cartel's plans to cut production in 2024 as...
Gas Deal
Nigeria and Germany sign gas deal worth $500m but it will be 2026 before it bears fruit Berlin says it...
Nigerian Naira on See-Saw
Nigerian Naira on see-saw as it drops to N1,105 to a dollar then N800 on the official market Abuja expects...
Empty Fridges
UK charity report says Britons are turning off their empty fridges due to rising energy and food costs with many...
Average Rating