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 by Clyde Hughes Washington DC (UPI) Apr 16, 2020
The Trump administration said Tuesday it's negotiating with nine oil companies to rent them space to store 23 million barrels of oil in the U.S. Strategic Petroleum Reserve, due to expected surpluses. The Energy Department said the bulk of the oil will be pumped into the reserves in May and June in four major reserves in Texas and Louisiana. The department did not specify which companies it will rent the space to. "When producing oil you have two options - you either use it or you store it," Energy Secretary Dan Brouillette said in a statement. "With the impacts caused by the COVID-19 pandemic, we are seeing an enormous decrease in demand as our country works to contain the virus. "This is why making storage capacity available in the SPR is so important." Brouillette added that having storage space is critical for the U.S. energy industry and its workers. The deal will allow the department to rent space capable of storing a total of 77 million barrels at the reserve. A number of oil companies are having difficulty finding room to store excess oil due to the lull in demand. Earlier this year, Democrats in Congress blocked the Trump administration from paying $3 billion to fill the strategic reserve. Trump said it was an ideal time given the lower oil prices, but opponents viewed it as a move to prop up the fossil fuel industry. Lack of storage space was an issue during recent negotiations between OPEC nations and Russia. The parties ultimately agreed last week to cut production by 10 million barrels a day for the next two months. Source: United Press International
Asia markets down as oil bounces on output cuts deal Hong Kong (AFP) April 13, 2020 Asia markets fell Monday with investors cautious on news of an international deal to shore up oil prices and tentative signs of progress in efforts to combat the coronavirus pandemic. OPEC producers dominated by Saudi Arabia and allies led by Russia thrashed out a compromise deal on Sunday to cut production by nearly 10 million barrels per day from May. Oil futures surged in early Asian trade, with WTI climbing nearly eight percent and Brent up five percent before both benchmarks pared their gai ... read more
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