U.S. crude oil inventories rise and prices are affected by the release of the strategic oil reserves 2021-11-24T19:13:51 U.S. crude oil inventories rise and prices are affected by the release of the strategic oil reserves U.S. crude oil inventories rise and prices are affected by the release of the strategic oil reserves: On Tuesday Nov 23, 2021 the American Petroleum Institute (API) reported, a rise in U.S. crude oil stockpiles, this week to be 2.307 million barrels. Thus U.S. crude stockpiles are 57 million barrels for now, below the year’s beginning rates, yet analysts expected a decline of 950.000 barrels. Evest follows all this in the following report. Topics: The American Petroleum Institute Oil prices for the week Oil production weekly rates Market’s drivers, oil companies decisions this week Contributions to solve the oil sector problem The latest updates of the oil sector The latest updates of the oil sector in Iran and Asia The American Petroleum Institute In the last week, the API proclaimed a rise of 655.000 barrels in oil stockpiles, compared with the 1.550 million barrels, expected by analysts for the previous week. The API stated a rise of 600.000 barrels in gasoline stockpiles for the week ending Nov 19, while it declined by 2.792 million barrels in the previous week; as the gasoline rising prices continued to gain interest. Distillates fell by 1.5 million barrels throughout the week after it rose by 107.000 barrels. Oil prices for the week On Tuesday oil prices rose before data publishing, even after the White House declaration , of releasing 50 million barrels of the strategic crude oil to ease gasoline prices. But West Texas Intermediate crude rose to $78.85 a barrel, and Brent crude was for $82.43 a barrel. By midday West Texas Intermediate crude fell by more than $2 throughout the week, while Brent crude stood steadily during the week. West Texas Intermediate rose 2.36% at $78.56 a barrel, by midday. Oil production weekly rates U.S. Oil production declined for the week ending Nov 12 ( the last week the EIA reported data about the production) to 11.4 million bpd, less by 1.7 million barrels than its highest levels ever of 13.1 million bpd prior to Coronavirus pandemic. Markets drivers oil companies decisions this week ADNOC, UAE national oil company, discusses offering the maritime logistics and services unit (ADNOC L&S) in 2022, this would be the most focused public subscription in the Middle East. ConocoPhillips (NYSE:COP) repeated its commitment to develop Safsaf’s field of 600 million barrels capacity on the Northern cliffs of Alaska, although the last decision by the court forced the company to stop the construction works of the project. Shell (NYSE:RDS.A), supported by its expansion in the UK in retailing in the wake of the energy crisis this year, declared its shifting to the Australian energy sector as it bought the New Zealand utilities corporation (NZE: MEL) Meridian Energy for $729 million. Contributions to solve the oil sector problem The USA is releasing an emergency declaration of 50 million barrels. U.S. government agreed to release 50 million barrels of its strategic reserves, and lending 32 million barrels to be renewed in the future (the rest is part of the release has been agreed to) The White House finally declared the release of 50 million barrels of the U.S. strategic oil reserves, supported by a chain of agreements with the main Asian crude importers who will release strategic reserves to ease crude prices. India has already declared that it will release 5 million barrels; South Korea and Japan are expected to present their numbers this week. It was known before that these challenging movements would lead OPEC to produce less amounts of crude oil. However the White House has failed in making the immediate expected impact, as crude oil prices raised once the news was released. On the first hand this is because of the loan to release the strategic oil reserves and the possibility of an aggressive reaction from OPEC. As Brent crude rose above $80 a barrel and West Texas Intermediate crude was almost $78 a barrel. The latest updates of the oil sector OPEC is ready to reduce production to face the releases Reports show that OPEC countries would reduce their common production on the basis of the release of the strategic reserves, that has been agreed on by the USA when they meet on 2nd Dec. The European Union is getting ready to set methane emissions law Bruxelles is working on a project aimed at restricting the emissions of methane by forcing the oil companies to reduce its mark after two years of the obligatory declaration. Reducing Shell’s refinery capacity in Singapore To restrict emissions and improve production, Shell (NYSE:RDS.A) reduced its production capacity at its Singapore hub Pulau Bukom of 500.000 barrels per day, which by turn had an impact on the availability of fuel in the main shipping center of Asia. A giant project in Australia of $12 billion: The Australian BHP group and Woodside petroleum have agreed on developing the offshore Scarborough field, however the project is expected to double the capacity of 4.9 million tons per year at Pluto facility for natural liquid gas once it operates in 2026. Libya raises exploration and production works: According to expectations, Total Energies (NYSE:TTE) , and ENI (NYSE:E) expressed their desire to invest billions of dollars and increase production in their area, aiming at extra expansion in renewable energy. The latest updates of the oil sector in Iran and Asia Common talks between Iran and Azerbaijan: According to Javad Oji, Iran’s oil minister Tehran and Baku are expected to continue a lot of energy agreements soon, including the extension of gas swaps deal which is valid since 2004, besides targeting Iran’s offshore sector that isn’t utilized effectively due to the lack of deep water expertise. The Northern sea countries link theirs electricity nets: Transporting systems operators in Germany, Denmark and Belgium agreed on building connections , between the planned wind energy islands in the Northern Sea, trying to avoid the increasing energy prices, we have witnessed this autumn Reliance corporate cancels the sale of Saudi ARAMCO: The Indian giant refining, Reliance Industries (RELI) said, it will reassess the deal of selling its share of $15 billion at Saudi ARAMCO, to its works in the oil field and chemicals, which was offered for the first time in 2019, citing by the changed context as a main reason for this decision.