Oil prices rose on Thursday, even after weekly data from the US Energy Information Administration (EIA), which unexpectedly showed an increase in US stocks. But the United States’ exclusion of the release of the crude oil reserves in emergency situations has raised fears of potential losses in Iranian supplies
Where the US government is not thinking of releasing emergency oil stocks in the country to prevent prices from rising when US sanctions are applied to Iranian crude in early November after the US Energy Secretary said that the reserve will not have a significant impact
The United States is close to a four-year high after the Organization of the Petroleum Exporting Countries (OPEC) said it was not rushing to increase production to counter production losses in Iran and Venezuela, which announced it may announce force majeure to postpone some of its oil exports
Earlier this week, Trump accused OPEC of “dismantling the rest of the world” after the group stopped providing additional crude oil.
US Energy Information Administration
The US Energy Information Administration (EIA) said in its weekly report that domestic crude inventories rose by 1.852 million barrels during the week ending on September 21. as such. The US Petroleum Institute, which collects data independently of the industry, reported Tuesday an increase of 2.903 million barrels during the week under review.
Oil prices
Oil prices jumped nearly four-year highs in the past two weeks
