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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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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. The release is by far the largest yet from the national reserves.

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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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Global oil supplies increased by 310 kb/d in November to 92.3 Year-on-year, November supplies rose by 810 kb/d, as a 1.9 OPEC crude supply fell by 160 kb/d in November to 29.73 OPEC crude supply fell by 160 kb/d in November to 29.73 Global demand is now seen advancing by 1.2 mb/d in both 2013 and 2014, to reach 92.4

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The 5 Countries That Could Push Oil Prices Up

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Oil prices appear to be stuck in the $50s per barrel, but that doesn’t mean there aren’t serious supply risks to the market. The most near-term supply risk comes from Iraq. Iran probably won’t pose a supply risk to the market, at least not this year. by Nick Cunningham for Oilprice.com. bank Citi said.

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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%

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The report also highlighted supply disruptions as one of the major energy events of the year. The “Arab Spring” affected oil and gas supplies—most notably the complete, albeit temporary, loss of Libyan supply—while the tragic Fukushima accident in Japan had knock-on effects for nuclear and other energy sources around the world.

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GECF: more than a quarter of 2050 natural gas supply untapped

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The two-day Oil and Gas of Turkmenistan 2020 conference was organized by the Government of Turkmenistan and attracted the participation of regional and international energy companies, including CNPC, Dragon Oil, SOCAR, ENI, ARETI, Schlumberger, Hyundai, among others.

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

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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.

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IEA forecasts global oil demand to reach 101.6 mb/d in 2023; non-OECD countries lead expansion

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Non-OPEC+ is set to lead world supply growth through next year, adding 1.9 Assuming Libya rebounds from a steep drop, the bloc’s production could increase 2.6 Nevertheless, product markets are expected to remain tight, with a particular concern for diesel and kerosene supplies. mb/d of supply in 2022 and 1.8 mb/d and 1.9

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