World oil consumers are poised to tap into emergency oil inventories as soon as early September after the International Energy Agency (IEA) dropped its resistance to a US-led plan, a source and an oil journal said.
Just one week after i
Brent crude slipped below $114 on Friday as supply worries eased on a possible release of oil reserves by the US while Israeli comments on Iran reduced fears of a potential conflict in the Middle East that could disrupt exports.
President Barack Obama and British Prime Minister David Cameron discussed the possibility of releasing emergency oil reserves during a meeting on Wednesday, two sources familiar with the talks said, the first sign that Obama is starting to t
Kuwait's largest oil field, Greater Burgan, will add 12 billion barrels to the Opec country's oil reserves, Al-Jarida daily reported on Thursday.
The daily cited informed oil sources it did not identify by name a
China began filling its third government-owned strategic crude oil reserve last month, two industry sources say, as Beijing takes advantage of diving crude oil prices to build up an emergency supply buffer for the future.
About 7.3 million
Iran now has $10 billion in its Oil Stabilisation Fund, which forms part of foreign reserves, the central bank governor was quoted on Thursday as saying, indicating an increase on previously reported figures.
The fund was set up several ye