Tag: Strategic Petroleum Reserve (US)

The World Is Draining Oil Reserves, Raising Pressure for a Peace Deal

Media Library

The world is quickly depleting its stores of oil, putting more pressure on President Trump to reach a deal with Iran that would quickly get more fuel flowing out of the Persian Gulf. Vast stockpiles of oil, gasoline and other fuels have helped fill the hole in global energy supplies created by the U.S.-Israeli war with Iran. But those reserves, which companies and governments stash in giant steel storage tanks and underground salt caverns, are running low in some places. This week, U.S. government stockpiles were poised to hit their…

Oil Prices Slide as Investors Worry Energy Demand Is Slowing

Chin@Strategy

HOUSTON — Saudi Arabia is slashing oil exports. U.S. crude oil in storage is dropping. Members of the European Union will soon sharply reduce how much fuel they buy from Russia. Those developments would normally send oil prices sharply higher. Yet oil prices have been sliding. The U.S. benchmark, West Texas Intermediate, fell to about $80 a barrel on Friday from more than $90 at the start of the month. The global supply of oil appears to be falling, but many oil traders think that demand is heading down even…