U S Commercial Crude Oil Inventories Surge as Refinery Utilization Holds at Weak Levels, EIA Says naturalgasintel.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naturalgasintel.com Daily Mail and Mail on Sunday newspapers.
Domestic crude oil production in 2020 dropped 8% from the prior year in response to the demand hits caused by the coronavirus pandemic, the U.S. Energy
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Fuel supplies drop most on record as US oil refining collapses, leading to largest ever jump in oil supplies
Refinery utilization at an all time low, 10% lower than it s ever been; oil refined is least on record; record jump in oil inventories, record drop in gasoline inventories; distillates production at a 26 year low, distillates inventories drop most in 18 years; largest jump in oil imports in 39 weeks.
At Saudi’s Urging, OPEC-Plus Holds the Line on Oil Production
Members of the Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, agreed on Thursday to hold the line on oil production in April.
The alliance was following the lead of Saudi Arabia energy ministers who argued to keep output steady as producers gauge the success of coronavirus vaccines and the potential for stronger demand.
Analysts were braced for an increase, given a surge in oil prices this year. Brent crude prices were up more than 25% on the year prior to the meeting, an advance that many market participants had expected would lure Saudi Arabia into production rebound mode next month.
Cold weather led to refinery shutdowns in U S Gulf Coast region | Hellenic Shipping News Worldwide hellenicshippingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hellenicshippingnews.com Daily Mail and Mail on Sunday newspapers.