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Us opening of reserve taps lowers oil price in international markets

2022-03-31 21:56:58Biznes SHKRUAR NGA REDAKSIA VOX

Us opening of reserve taps lowers oil price in international markets

The United States of America is the country with the largest crude oil reserves in the world, and the Decision of the White House to throw 180 ml barrels on the market, a record figure in the 50-year history of these deposits, has been welcomed by markets.

Brent crude oil contracts for the month of May fell $6.95, or 6.13 percent, to $106.50 per barrel. May contracts could be signed within Thursday and June's most active futures contracts fell $6.66 to $104.78, having previously fallen $7 per barrel. U.S. contracts at West Texas Intermediate for May delivery fell $7.28, or 6.75 percent, to $100.54 per barrel after peaking at a $100.16 low.

The record oil dump by US strategic reserves is equal to two days of global demand and will go on the market to extend to several months. Under the decision, the US will inject 1 mln barrels of oil into the market per day.

Goldman Sachs analysts said the move would help the oil market rebalance in 2022, but it could not be a permanent adjustment. "This is, however, a release of oil stocks, not a constant source of supply for the coming years. Such a release would not solve the structural supply deficit in the years to come," they said.

A New Zealand Energy Ministry spokesman said international energy agency (IEA) member states would meet on Friday to decide on a possible collective dump on the market of a portion of the quantities from oil reserves,

 


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