article thumbnail

Biden authorizes release of more than 180M barrels of oil from Strategic Petroleum Reserve; 1M bpd for 6 months

Green Car Congress

The US and other member states of the International Energy Agency (IA) agreed earlier in March to release 60 million barrels of oil reserves to compensate for supply disruptions following Russia’s invasion of Ukraine, with the US supplying 30 million. Test sales are relatively rare: the most recent test sale occurred in 2014.

Oil 418
article thumbnail

IEA: non-OPEC oil supply tops 43 mb/d for first time in decades; global demand to reach 92.4 mb/d in 2014

Green Car Congress

The International Energy Agency’s (IEA’s) Oil Market Report (OMR) for December raised the estimate of global oil demand for 2013 by 130,000 barrels per day (130 kb/d) to 91.2 Renewed disruptions in Libya and smaller drops in Nigeria, Kuwait, the United Arab Emirates and Venezuela more than offset higher output in Iran, Iraq and Angola.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

BP Statistical Review finds global oil share down for 12th year in a row, coal share up to highest level since 1969; renewables at 2%

Green Car Congress

The loss of oil supplies in Libya and elsewhere was eventually more than offset by large production increases among Middle Eastern OPEC members, leading to record oil production in Saudi Arabia, the UAE and Qatar. The fossil fuel mix continues to change with oil, the world’s leading fuel at 33.1% million bpd or 0.7%.

Coal 261
article thumbnail

US DOE, IEA member countries releasing a total of 60 million barrels of oil from reserves

Green Car Congress

US Energy Secretary Steven Chu announced today that the US and its partners in the International Energy Agency will release a total of 60 million barrels of oil onto the world market over the next 30 days to offset the disruption in the oil supply caused by unrest in the Middle East.

Oil 186
article thumbnail

The Technical Failure That Could Clear The Oil Glut In A Matter Of Weeks

Green Car Congress

If Saudi Aramco or QP are already experiencing production threats, the situation in other production regions, such as Nigeria, Libya or Mexico, could be even more dire. With increased demand for crude oil and petroleum products still shown in all international assessments, the market will need to react.

Oil 186
article thumbnail

New EIA report boosts estimates of global recoverable shale oil resources 10-fold to 345 billion barrels

Green Car Congress

EIA commissioned Advanced Resources International, Inc. Today’s report indicates a significant potential for international shale oil and shale gas, though the extent to which technically recoverable shale resources will prove to be economically recoverable is not yet clear. —EIA Administrator Adam Sieminski.

Oil 281
article thumbnail

Can Autonomous Weapons Be Compatible With International Humanitarian Law?

Cars That Think

International Humanitarian Law (IHL) is the body of laws that govern international military conflicts, and they provide rules about how weapons should be used. All countries involved in the autonomous weapons systems (AWS) debate at the United Nations have stated that AWS must follow international law. Non-Military Use of AWS.