The U.S. Interior Department will release a long-awaited report reviewing the environmental costs and economic benefits of the nation's federal oil and gas leasing program as early as Friday, two sources familiar with the matter told Reuters. President Joe Biden's administration launched the review earlier this year in what had been widely seen as a first step in delivering on a campaign promise to end new federal fossil fuel drilling to fight climate change. The report, however, is not [Read more]

Oil prices were little changed on Thursday with investors waiting to see how major producers respond to the emergency crude release by major consuming countries designed to cool the market, even as data pointed to healthy U.S. fuel demand. U.S. West Texas Intermediate (WTI) crude futures fell 14 cents, or 0.18%, to $78.17 a barrel, extending an 11-cent loss on Wednesday.  Brent crude futures climbed 3 cents, or o.04% to $82.19 a barrel, after losing 6 cents on Wednesday. "The release of [Read more]

U.S. President Joe Biden's decision to tap the nation's emergency oil stockpiles marks the first time in two decades that a president has used the reserve to tame energy prices instead of tackle a supply disruption. The release also marks the first coordinated release with consuming nations outside the auspices of the West's energy watchdog, the International Energy Agency. Biden announced on Tuesday the United States will release 50 million barrels of oil from the U.S. Strategic Petroleum [Read more]

The United Arab Emirates is fully committed to the OPEC+ agreement and has no "prior stance" ahead of an upcoming meeting on Dec. 2, state news agency WAM reported on Thursday. "The energy ministry confirms that the United Arab Emirates is fully committed to the cooperation agreement with OPEC+ and that there is no prior stance on the upcoming meeting," the agency said, citing an energy ministry statement. The ministry "reiterates that any decisions will be taken collectively by the OPEC+ [Read more]

OPEC+ is not currently discussing pausing oil output increases despite the United States and others releasing stocks, three OPEC+ sources told Reuters. The United States and several other nations agreed to release stocks after failing to convince OPEC to pump more oil as U.S gasoline prices soared adding to pressures on President Joe Biden amid high inflation and low approval ratings. OPEC has argued the world will soon face a new glut despite oil prices climbing toward their peaks since [Read more]

Global oil demand is set to strengthen and surpass 2019 levels by March 2022 as countries reopen and economic activity rebounds, JP Morgan said in a research note on Wednesday. The bank expects global oil demand to grow 3.5 million barrels per day (bpd) in 2022 to reach 99.8 million bpd —280 kilo bpd above 2019 levels. "Despite the rapid pace of growth, only in July 2023 should U.S. supply return back to pre-COVID volumes - three years after negative WTI prices—leaving OPEC+ (the [Read more]