SINGAPORE : Oil prices slid more than 1per cent on Friday on concerns that a global supply surplus could swell in the first quarter following a coordinated release of crude reserves among major consumers, led by the United States.
U.S. President Joe Biden's administration announced plans on Tuesday to release millions of barrels of oil from strategic reserves in coordination with other large consuming nations, including China, India and Japan, to try to cool prices. The Economic Commission Board expects a 400,000 barrels-per-day surplus in December, expanding to 2.3 million bpd in January and 3.7 million bpd in February if consumer nations go ahead with the release, the OPEC source said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China 'has the upper hand' as US asks Beijing to release oil reserves - Global TimesSHANGHAI : The United States is 'turning to China for help' to cool inflation by releasing some of its oil reserves, the state-backed Global Times said in an editorial on Wednesday, adding that the move will benefit everyone but China 'has the upper hand.' Washington has asked some of the world's largest
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Japan PM confirms oil reserve release in response to US requestTOKYO : Japan's Prime Minister Fumio Kishida said on Wednesday his government would release some oil reserves in response to a U.S. request in a way that does not breach a Japanese law that only allows stock releases if there is a risk of supply disruption.'We have been working with the United States to s
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China 'has the upper hand' as US asks Beijing to release oil reserves: Global TimesSHANGHAI: The United States is \u0022turning to China for help\u0022 to cool inflation by releasing some of its oil reserves, the state-backed Global Times said in an editorial on Wednesday (Nov 24), adding that the move will benefit everyone but China \u0022has the upper hand\u0022. Washington has asked some of the world\u0027s l
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Japan to release a few hundred thousand kilolitres of oil from reserveTOKYO : Japan will release a few hundred thousand kilolitres of oil from its national reserve, but the timing of the sale has not been made, the country's industry minister, Koichi Hagiuda, told reporters on Wednesday. Japan's Prime Minister Fumio Kishida said earlier that his government would release so Wow
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China says it will release oil reserves according to its needsBEIJING : China will release crude oil from its reserves according to its needs, a foreign ministry spokesman said on Wednesday, adding that the country was in close communication with oil-producing and oil-consuming countries.The United States said on Tuesday that it will release millions of barrels of o
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: BusinessTimes - 🏆 15. / 51 Read more »