Downstream

This post was originally published on this siteApril 1, 2022 U.S. President Joe Biden has promised to make an average of 1 million barrels per day of crude available from the Strategic Petroleum Reserve (SPR) for the next six months after consulting with other IEA members. The unprecedented release of 180 million barrels is intended […]

This post was originally published on this siteTOKYO, April 1 (Reuters) – The International Energy Agency will hold an emergency meeting on Friday among consuming nations to discuss a new release of strategic reserves alongside a plan by the United States to pump massive supplies starting in May to cool soaring oil prices. Major consumers

This post was originally published on this siteBy Clyde Russell LAUNCESTON, Australia, April 1 (Reuters) – OPEC and its allies have kicked the crude oil can down the road in sticking to their plan for modest monthly output increases. OPEC+, which consists of the Organization of Petroleum Exporting Countries (OPEC) and other producers including Russia, agreed

This post was originally published on this siteMarch 31 (Reuters) – The U.S. Department of Transportation’s pipeline regulator on Thursday announced a new rule that would require automatic or remotely operated shut-off valves to mitigate safety-related and environmental impacts due to pipeline failures. The Pipeline and Hazardous Materials Safety Administration’s (PHMSA) would require the valves

This post was originally published on this siteOil headed for the biggest weekly loss in almost two years after the Biden administration ordered an unprecedented release of U.S. strategic reserves to tame rampant prices.West Texas Intermediate futures rose 0.6% Friday, swinging between gains and losses in another volatile session and recouping some of this week’s decline.

This post was originally published on this siteMar 31, 2022 (Bloomberg) The Biden administration announced it will invoke Cold War powers to boost domestic production of materials for batteries needed to power electric vehicles and the transition to renewable energy, a move intended to improve U.S. competitiveness in a market dominated by China. The decision adds

This post was originally published on this siteApr 1, 2022 (Bloomberg) Russia’s Gazprom PJSC has started telling clients how to pay for their gas after President Vladimir Putin said purchases from “unfriendly” nations would need to be settled in rubles.Notifications about the new payment order are being sent to customers on Friday, the Russian gas giant

This post was originally published on this siteApr 1, 2022 (Bloomberg) Russia’s Gazprom PJSC has started telling clients how to pay for their gas after President Vladimir Putin said purchases from “unfriendly” nations would need to be settled in rubles.Notifications about the new payment order are being sent to customers on Friday, the Russian gas giant

This post was originally published on this siteApr 1, 2022 (Bloomberg) The U.K. will join the U.S. 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. An announcement is likely on Friday via the International Energy

This post was originally published on this siteMar 31, 2022 (Bloomberg) –President Joe Biden said his plan to release a million barrels of oil a day from U.S. reserves for six months would lay a foundation for the country to achieve independence from foreign energy suppliers. Biden blamed a spike in gasoline prices this year