Oil Stocks Fell in Premarket Trading

Tiger Newspress2022-03-31

Oil stocks fell in premarket trading as oil prices dived as U.S. weighs record reserves release. Occidental, Exxon Mobil, Halliburton, Schlumberger, Chevron, ConocoPhillips and BP between 1% and 3%.

Oil prices plunged more than $5 a barrel on Thursday on news the United States was considering the release of up to 180 million barrels from its strategic petroleum reserve, the largest in the near 50-year history of the SPR.

The Biden administration is considering releasing up to 180 million barrels of oil over several months from the Strategic Petroleum Reserve (SPR), four U.S. sources said on Wednesday, as the White House tries to lower fuel prices.

The International Energy Agency (IEA) member countries are set to meet on Friday at 1200 GMT to decide on a collective oil release, a spokesperson for New Zealand energy minister said in an email on Thursday.

"The amount of the potential collective release has not been decided," the spokesperson for minister Megan Woods added. "That meeting will set a total volume, and per country allocations will follow," she said.

It is unclear if the U.S. SPR draw would be part of a wider global coordinated release.

The IEA did not respond to a request for comment outside office hours. President Joe Biden will deliver remarks on Thursday on his administration's actions, the White House said.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

robot1234
2022-04-01
robot1234
The world top three oil producers are US, Saudi Arabia and Russia. The US is the top producer, averaging 18.6 million b/d to account for 20% of the world production in 2020. Saudi Arabia contributes 10.8 million b/d, representing 11% of the world production. Russia remains a top oil producer with an average of 10.5 million b/d in 2020, accounting for 11% of global production. US President Joe Biden's strategy of releasing up to 180 million barrels from the country’s strategic petroleum reserve (SPR), which involves the release of around 1 million barrels of oil per day for six months will be far from adequate to replace the amount from Russia. At the end of the day, Europe will suffer from heavy shortage of fuel if a drastic sanction of import from Russia is implemented. And US will benefi
Madam
2022-04-01
Madam
Read
Deonc
2022-03-31
Deonc
Good
CTSM
2022-03-31
CTSM
Ok
albert77
2022-03-31
albert77
Oh
VictorR
2022-03-31
VictorR
Sad