The International Energy Agency will release a record stock of oil from its emergency reserves to counter oil-price volatility. The global forecaster’s 32 members “unanimously agreed” to release 400m barrels onto the market, said Fatih Birol, the IEA’s head, but did not specify the daily volumes. Iran’s blocking of the Strait of Hormuz has curtailed global supply by roughly 20m barrels a day.
boardatwork1111 on
Oil futures:
> Not a vaguepost from Trump? Lol who cares
BaudrillardsMirror on
Trump meme about him being unable to get out of a situation.
Adminisnotadmin on
400 million barrels. which is 20 days worth of transit across the strait. All while production has been curtailed due to lack of storage and will take weeks to ramp back up. No easy restart now.
EveryPassage on
Probably helps buy 20-30 days but if the war goes on into late April things will get dicey (ie $120+ oil).
Even if resolved by early April, we are probably looking at somewhat elevated oil prices for several months.
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The International Energy Agency will release a record stock of oil from its emergency reserves to counter oil-price volatility. The global forecaster’s 32 members “unanimously agreed” to release 400m barrels onto the market, said Fatih Birol, the IEA’s head, but did not specify the daily volumes. Iran’s blocking of the Strait of Hormuz has curtailed global supply by roughly 20m barrels a day.
Oil futures:
> Not a vaguepost from Trump? Lol who cares
Trump meme about him being unable to get out of a situation.
400 million barrels. which is 20 days worth of transit across the strait. All while production has been curtailed due to lack of storage and will take weeks to ramp back up. No easy restart now.
Probably helps buy 20-30 days but if the war goes on into late April things will get dicey (ie $120+ oil).
Even if resolved by early April, we are probably looking at somewhat elevated oil prices for several months.