President Joe Biden will soon announce a release of 15 million barrels of oil from the nation’s emergency reserves. OPEC, along with a Russia-led group of oil producers known together as OPEC+, said last week that it would cut oil production by 2 million barrels a day, a move that will likely raise oil prices. Weekly average price per barrel of oil since January 2020As of Oct. 14, weekly oil prices were trending up – over $88 a barrel, but are still much lower than the summer highs. "Oil prices could remain elevated as a result of the decision by OPEC+ that could further restrict supply," said Devin Gladden, AAA manager of federal affairs. From March 4 through Oct. 7, the U.S. has released 168.8 million barrels, according the the U.S. Energy Information Administration.

Source: Libya Today October 19, 2022 10:02 UTC