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EIA estimates decrease in global surplus crude oil production capacity in 2022

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For that reason, crude oil production that is offline in Iran, Libya, Venezuela, and now Russia, is excluded from surplus capacity estimates.

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

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DOE received over 90 offers that resulted in 28 contracts with 15 companies for deliveries of 30,640,000 barrels. 1 March 2022 IEA Coordinated Release.

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EIA: China is now the world’s largest net importer of petroleum and other liquid fuels

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Because production levels from Iran, Libya, and Sudan and South Sudan dropped since 2011, China replaced the lost shares of crude oil and other liquids imports from these countries with imports from Oman, Iraq, the United Arab Emirates, Angola, Venezuela, and Russia. million barrels per day.

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U.S. Drivers: Shut Up, Stop Whining, You Don't Pay $8/Gallon

Green Car Reports

Turmoil in Libya is making global oil markets nervous. That means higher gasoline prices. Cue the creeping unease and outright fear that Our American Way Of Life May Be In Peril. Well, it's Monday morning, and we have a brisk message for our U.S. readers: Shut up and stop whining. So gas is over $3 a gallon, maybe even edging close to $4.

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The 5 Countries That Could Push Oil Prices Up

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The ‘Fragile Five’ petrostates—Iran, Iraq, Libya, Nigeria and Venezuela—continue to see supply disruption potential, with northern Iraq crude exports at risk due to an escalation of tensions between the (Kurdistan Regional Government), Baghdad and Turkey, while the United States has decertified the 2015 Iran nuclear deal,” U.S.

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

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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. Year-on-year, November supplies rose by 810 kb/d, as a 1.9 mb/d surge in non-OPEC liquids and OPEC NGL more than offset a 1.1 mb/d drop in OPEC crude.

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

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The IEA estimates that the unrest in Libya had removed 132 million barrels of light, sweet crude oil from the market by the end of May. As part of this effort, the US will release 30 million barrels of oil from the Strategic Petroleum Reserve (SPR). The SPR is currently at a historically high level with 727 million barrels.

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