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The IEA forecast an oil surplus for next year, when non-OPEC+ nations are set to boost supply by about 1.5 million bpd, driven by Argentina, Brazil, Canada, Guyana and the U.S.
Goldman Sachs is warning of potential upside risks to oil prices following U.S. sanctions on Russia's energy sector, with Brent crude already approaching $80 per barrel and the possibility of ...
NEW YORK (Reuters) -Oil prices settled close to unchanged on Thursday, pressured by a forecast for ample supply in the oil market but supported by rising expectations of a Federal Reserve interest ...
Commercial crude oil stock pile. The Strategic Petroleum Reserve (SPR) is an emergency stockpile of petroleum maintained by the United States Department of Energy (DOE). It is the largest publicly known emergency supply in the world; its underground tanks in Louisiana and Texas have capacity for 714 million barrels (113,500,000 m 3). [1]
Especially during the years 1974–1981 and 2005–2014, oil exporters amassed large surpluses of "petrodollars" from the sale of oil at historically high prices. [1] [2] [8] (The word has been credited alternately to Egyptian-American economist Ibrahim Oweiss and to former U.S. Secretary of Commerce Peter G. Peterson, both in 1973.) [9] [10] [11] These petrodollar surpluses could be described ...
By the same token, a market that is deeply in contango may indicate a perception of a current supply surplus in the commodity. In 2005 and 2006 a perception of an impending supply shortage allowed traders to take advantages of the contango in the crude oil market. Traders simultaneously bought oil and sold futures forward.
An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S. sanctions and a new rally in prices.
Oil Price Information Service (OPIS) is a price reporting agency which provides information that is used for commercial contracts and trade settlement related to petroleum, gasoline, diesel, ethanol, biodiesel, LP-gas, jet fuel, crude, natural gas, petrochemicals, recycled plastics, refinery feedstocks, residual fuel, and kerosene.