#Barrels

Strategic petroleum reserves are declining rapidly as countries release emergency crude supplies to cushion the economic impact of the Middle East conflict.

State oil company fast-tracks previously undisclosed project, which is expected to double export capacity

Four ships each hauling 2 million barrels of mostly-Iraqi crude have exited since May 10 — a rate close to 2 million barrels a day — according to vessel tracking data.

The latest International Energy Agency assessment of the oil market points to a continuing shortfall of oil supply, and higher prices, even if the war were to end next month.

From Destructoid RSS Feed: ‘We did say we were going to work on it at some point:’ Red Barrels co-founder says a ‘project’ is in the works, and I sure hope it’s Outlast 3

IEA oil market report warned of a severe global supply shortfall in 2026 due to disruptions caused by the Iran conflict and Gulf instability.

The IEA's oil market report for May noted that global oil supply declined by a further 1.8 million barrels per day in April.

Sultan Al Jaber warns the world is 1 billion barrels short as the Strait of Hormuz closure disrupts oil flows, drives up global costs and pressures economies.

“Reopening routes is not the same as normalizing a market that has been deprived of about 1 billion barrels of oil.”

US Department of Energy moves to transfer 53.3 million barrels amid rising oil prices.

The US Strategic Petroleum Reserve awarded 53.3 million barrels to companies including oil trader Trafigura Group and US refiner Marathon Petroleum Corp, adding to a wave of oil released to help tame surging prices stemming from the Iran war.

The Strait of Hormuz remains closed as the oil market hopes the U.S. and Iran will strike a deal that could restore energy shipments.

OPEC’s crude production fell to a new 36-year low last month as the Iran war continued to choke off exports from the Persian Gulf and forced further shut-ins, according to a Bloomberg survey.

Brent crude for July delivery dropped $1.52, or 1.38%, to $108.35 per barrel as of 0103 GMT, after falling 4% in the previous session.

Algeria says it remains committed to OPEC and OPEC+ after the UAE announced its exit, calling the producer groups key to global oil market stability

From Reddit - r/energy: Eni restarts Venezuela oil project with 35 billion barrels in place

From Reddit - r/economics: Eni restarts Venezuela oil project with 35 billion barrels in place

uae announced yesterday theyre leaving opec and opec plus effective may 1. after being a member since 1967. the math is wild. uae can pump nearly 5 million barrels a day. opec had them capped at 3.22. thats a third of their capacity sitting idle.…

A local distillery is selling used barrels. I am thinking of buying one and using it in my smoker. My guess is that the pieces are too thin and would burn too fast to use as my only wood.…

The continent must "fight for every cargo" in what analysts have dubbed a "global stress test" for the airline industry.