Trump is visiting the Middle East this week, hoping to strike deals with countries including Saudi Arabia. The kingdom — the de-facto leader of the Organization of the Petroleum Exporting Countries and its allies — has pushed the cartel to increase output to punish noncompliant members. A further boost expected at a June 1 meeting would add to concerns about a surplus.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 500,000 barrels to 399.6 million barrels in the week ending May 9. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 1 million barrels to 398.5 million barrels in the week ending April 25. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.605 billion barrels on April 18, the report highlighted. Total petroleum stocks were down 0.3 million barrels week on week and up 5.9 million barrels year on year, the report outlined.