West Texas Intermediate crude settled $3.97 on Monday following the IEA resolved to drain 60 million barrels of oil from member states’ oil reserves over the next six months.
West Texas Intermediate crude settled $3.97 on Monday following the IEA resolved to drain 60 million barrels of oil from member states’ oil reserves over the next six months.
West Texas Crude Oil Contract Delivered in May Trading on the NYMEX was down $3.97 to close at $94.29 a barrel. Brent crude oil contract Delivered in June It was down $4.30 to close at $98.48 a barrel.
Oil prices were affected by news of the International Energy Agency’s (IEA) oil drain as well as the Shanghai lockdown announcement. which will affect China’s oil consumption which is the world’s largest oil importer
The IEA has resolved to drain 60 million barrels of oil from member countries’ oil reserves over the next six months. The US will also contribute 60 million barrels of oil. as part of President Joe’s 180 million barrel oil drain plan. Biden announced in March.
The IEA is made up of 31 member states, with the largest being the United States, United Kingdom, Germany, France, Canada, Japan and South Korea.
Officials from the European Union (EU) will hold talks with representatives from the Organization of the Petroleum Exporting Countries (OPEC) in Vienna today to discuss OPEC’s capacity boost.
OPEC and its allies or OPEC Plus Has resolved to increase oil production to only 432,000 barrels per day in May. Although the United States and other oil-importing nations have called for OPEC Plus to increase production more than current levels.
while oil prices rose above $139/barrel. This was the highest level since 2008 following Russia deployed troops to invade Ukraine on Feb. 24.
The EU approved sanctions on Russian coal imports last week. And it is likely that sanctions will be imposed on Russian oil soon. According to the actions of the United States, Canada and Australia in retaliation for the Russian attack on Ukraine.
