Archiv: US Strategic Petroleum Reserve (SPR)


19.04.2023 - 14:17 [ Oilprice.com ]

Prices Rally As Crude Oil, Products Draw Down

This week, SPR inventory dropped for the third week in a row losing another 1.6 million barrels for the week to reach 368 million barrels—the lowest amount of crude oil in the SPR since October 1983.

U.S. crude oil production rose during the week ending April 7, to 12.3 million bpd. U.S. production is now 800,000 bpd lower than the peak production seen in March 2020, but 500,000 bpd higher than this time last year.

01.11.2022 - 09:57 [ Oilprice.com ]

Deep OPEC Output Cuts Upend Biden’s Attempt To Lower Oil Prices

In an effort to combat rising prices, earlier this year President Biden began the largest drawdown of the Strategic Petroleum Reserve in U.S. history.
OPEC+ undid Biden’s SPR release by making deep output cuts, starting in November.
OPEC+ interests are fundamentally different than the interests of the U.S. consumer.