The US Department of Energy announced the withdrawal of an additional 26 million barrels of oil from its strategic petroleum reserves during the month of February, in order to compensate for the losses in oil prices, as oil prices witnessed significant declines since the beginning of this month.
The price of a barrel exceeded 85 US dollars per barrel, after Russia announced a reduction in oil production by 0.5 million barrels per day, in response to the sanctions imposed on its production of crude oil and refined products.
Withdraw 26 million barrels of oil
A report issued by Kamco Invest on the performance of global oil markets stated that oil prices were affected by the decision of the American Petroleum Institute to increase oil stocks in the United States, which led to the escalation of more pressures as a result of high inflation rates in the United States, which was accompanied by fears of The possibility of an impact on oil demand growth in the near term, although the strength of the US dollar, supported by higher interest rate estimates, affected oil purchases.
Russian oil prices in Europe
And the US Energy Information Administration said, in its report, that the European Union issued a decision to set a ceiling on Russia’s selling prices for its refined oil products, as a price ceiling of $ 100 per barrel was imposed on the products that are traded, in addition to crude oil, which mainly includes diesel. , while a maximum of $45 per barrel was imposed on products that trade at a discount to crude oil, including fuel oil and naphtha.