U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR) decreased by 2.0 million barrels from the week ending March 8 to the week ending March 15, the U.S. Energy Information Administration (EIA) revealed in its latest weekly petroleum status report.
In a victory speech following the close of the Iowa Caucuses last night, the first electoral event of the U.S. Republican Party’s 2024 primary race, former President Donald Trump’s first order of business was a promise to “drill, baby, drill — right away” if re-elected. The priority given to concerns regarding the U.S.’s energy output by the Republican frontrunner appeals to Americans’ frustration with relatively elevated oil prices and an expectation that they will rebound again in the near future.
A statement posted on the U.S. Office of Cybersecurity, Energy Security, and Emergency Response’s (CESER) website late Monday noted that the U.S. Department of Energy’s (DOE) Office of Petroleum Reserve announced a supplemental solicitation for up to three million barrels of oil for delivery in January 2024.
The Department of Energy has canceled its offer for the purchase of 6 million barrels for the strategic petroleum reserve amid the latest surge in oil prices.