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The Icelandic government summoned the U.S. ambassador to Iceland after Trump posted a map on social media that included Iceland within the U.S. territory.On September 8th, Futures News reported that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to maintaining market stability, deciding to keep their daily crude oil production quotas for October at the same level determined in September 2026. OPEC+ will continue to hold monthly meetings to monitor market dynamics, with the next meeting scheduled for October 4th, 2026. Previously, the production quotas of these seven OPEC+ countries had increased for six consecutive months, and member countries are still working to determine new production quotas. During these six months, the organization gradually lifted production cuts, and the market still has sufficient capacity to absorb the increased oil supply. However, despite the significant increase in production quotas, the Strait of Hormuz is blocked due to the war between the US and Iran, and Russian crude oil exports are also restricted due to Western sanctions. In other words, since these seven countries crude oil is mainly for export, the increased quotas are meaningless given the export restrictions.September 8th - According to Irans Fars News Agency, the Saudi Ministry of Energy stated that Houthi armed forces launched attacks on energy facilities in southern Saudi Arabia early Tuesday morning, causing fires and temporarily halting operations at some facilities. The attacks reportedly targeted the Saudi Aramco oil refinery in Abha. Simultaneously, reports indicated an attack on Abha airport, and explosions were heard in several areas of southern Saudi Arabia. This is the third attack on Saudi oil facilities in less than 48 hours.September 8th - German exports unexpectedly declined in July, ending a five-month streak of growth and dampening hopes for a rapid recovery in Europes largest economy. German exports fell 0.8% month-on-month in July, contrary to economists previous forecasts of renewed growth. The German Federal Statistical Office said on Tuesday that the decline stemmed from a drop in exports to EU countries. Exports were the main driver of Germanys stronger-than-expected economic performance in the first half of the year. This prompted economists to raise their growth forecasts, with Bundesbank President Nagel previously stating that output could grow by 1% this year, double the rate predicted three months ago. Destatis data showed that exports to the US rose by more than 19% in July, while imports from the US declined. Total German imports also fell, widening the trade surplus to €21.3 billion ($24.8 billion).The most active liquefied petroleum gas (LPG) contract rose 4.00% intraday, currently trading at 6812.00 yuan/ton.

U.S. oil prices remain stable at a one-week high, and reports say the U.S. is not considering releasing strategic oil reserves for the time being

Oct 26, 2021 11:03

During the New York session on Wednesday (October 13), crude oil prices basically remained stable at a one-week high. As the United States abandoned its consideration of releasing crude oil reserves, oil prices continued to maintain a strong upward momentum. Among them, the price of crude oil in the United States fell by US$0.52, a decrease of 0.66%, and the price of Brent crude fell by US$0.58, a decrease of 0.70%.


U.S. crude oil price daily chart

Foreign media reporter Javier Blas reported on social media that the U.S. Department of Energy is retracting its previous comments that it is considering releasing its strategic oil reserves and banning crude oil exports. This news brings potential support to oil prices. According to Javier Blas, the US Department of Energy "at this time" does not consider using the US Strategic Petroleum Reserve SPR.

Earlier, the well-known investment bank Goldman Sachs believed that the US Department of Energy might consider releasing SPR. Since then, the reporter released the news to refute the rumors. If the U.S. Department of Energy really considers doing this, it will cause Goldman Sachs to lower its Brent crude oil forecast of $90 at the end of the year by another $3.

The White House press conference also adopted a similar tone that does not consider SPR.

Press Secretary Jen Psaki said at a daily briefing on Wednesday that the Biden administration will not make any predictions about issuing SPR to ease high oil prices. Psaki turned to focus on the climate crisis and commented that things were so urgent that they couldn't wait any longer.

Jen Psaki said, I will not make any predictions from here. The government took steps after Hurricane Ida, including authorizing SPR to communicate with oil and refinery companies. We have also taken measures-including contact with OPEC member states, but I will not make any other predictions now. We have been monitoring. We will take other measures as needed.

Jen Psaki said, of course, we all want to keep gasoline prices low, but the threat of the crisis—the climate crisis—of course can’t wait any longer. Commenting on whether other governments would feel "weak" towards green energy, she said that in the face of soaring energy prices, world leaders are preparing for the United Nations climate change COP26 summit in the United Kingdom in November.

In recent months, the White House has been in contact with OPEC on oil prices. National Security Adviser Jack Sullivan stated in early August that at a critical moment of global recovery, the increase in production brought about by OPEC+ loosening production cuts is “not enough” at all.

At the end of September, Psaki said, I assure you that we are not only cooperating with OPEC, we are also looking for all means to reduce natural gas prices.

The OPEC+ group ignored any calls from consumer countries and continued to implement its plan earlier this week to reduce the output cut to the market's minimum of 400,000 barrels per day.

At the same time, due to rising crude oil prices and increasing demand, the average gasoline price in the United States rose to its highest level since October 2014. According to AAA data, as of October 7, the average gasoline price in the United States was $3.244 per gallon.

GMT+8 19:40 U.S. crude oil price reported $79.90/barrel

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