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European Council President Costa: For the sake of security and stability in the Middle East, we continue to urge all parties to de-escalate the situation and leave room for a diplomatic solution.According to Iranian state media, Irans new Supreme Leader Mojtaba thanked the Iraqi people and religious leaders for their support of Iran in the face of "aggression."On March 29th, Fox News released a poll showing that nearly two-thirds of American voters surveyed are dissatisfied with President Trumps administration, the highest disapproval rate during his two terms. The conservative media outlets poll of 1,001 registered voters showed a 59% disapproval rate for Trump, an 8-point increase from a year ago, marking not only the highest disapproval rate since the start of his second term but also surpassing the record set during his first term; the approval rating, however, fell from 49% a year ago to 41%. The poll randomly sampled respondents from the U.S. voter registration list. Among Republican supporters, Trumps approval rating was 84%, down 8 percentage points from the same period last year, the lowest since the start of his second term. His disapproval rates among Democratic voters and independent voters reached 95% and 75%, respectively.Ukrainian President Zelensky: I have arrived in Jordan for an “important meeting”.On March 29th, amidst the global energy crisis and soaring fuel prices, Egyptian Prime Minister Madbouly announced on the 28th a series of energy-saving measures to cope with the impact. Egypt will slow down the implementation of large-scale national projects involving high gasoline and diesel consumption for at least two months, while reducing fuel rations for all government vehicles by 30%. Madbouly also stated that, except for the service and manufacturing sectors, Egypts public and private sectors will implement remote work every Sunday in April, the first working day of each week. Given Egypts heavy reliance on energy imports, the government had previously raised fuel prices and public transportation fares to cope with global energy market volatility.

Despite a Large Gain in US Crude Inventories, Oil Prices Finished up 4%

Haiden Holmes

Apr 14, 2022 09:34

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The improvements come only one day after both benchmarks gained more than 6%. The oil market has fluctuated dramatically as end consumers and dealers attempted to assess the interruption in Russia's daily shipments after its invasion of Ukraine. The majority of estimates vary between one million and three million barrels per day.


"At the end of the day, the market is being driven by some of the stories coming out of Russia, which is getting more dangerous, and which continues to be a concern," said Phil Flynn, an analyst at Price Futures Group. "There is still dispute about the extent to which this will have an effect."


President Joe Biden of the United States accused Russia of genocide on Tuesday, and the United States, France, and Germany all committed to provide more weaponry. Biden included artillery systems, armored personnel carriers, and helicopters in his list.


Major global trading houses intend to cut crude and gasoline imports from Russia's state-controlled oil businesses as early as May 15, sources said, in order to avoid violating European Union sanctions on Russia, the world's second biggest crude exporter.


Russian President Vladimir Putin said that Moscow can simply divert energy exports away from the West. Certain nations, particularly India, have continued to purchase Russian oil at substantial discounts. 


The International Energy Agency (IEA) cut its forecast for global demand on Tuesday, claiming that increased global production may offset Russian oil supply reductions. The IEA forecasts that Russian production would fall 1.5 million barrels per day in April before increasing to close to 3 million barrels per day in May.


The White House will release 180 million barrels from US reserves over the next six months, as part of a 240 million barrels release from International Energy Agency members.


The United States' output is predicted to continue growing, from 11.8 million barrels per day today to over 12 million in 2022. Exports of refined goods hit an all-time high, as strong international demand reduced US stocks.


The Organization of the Petroleum Exporting Countries (OPEC) has said that it would be difficult to compensate for anticipated supply losses from Russia and will thus refrain from pumping more petroleum.

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