Why the U.S. is a spoiler for OPEC's plan to raise oil prices

Jul 10, 2023
OPEC is trying to cut production among its members in a bid to push up the price of oil, but it hasn't gone according to plan.
One reason oil prices are down is because production in the U.S. has been strong.
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After a year of drawdowns, the Biden administration moves to replenish the Strategic Petroleum Reserve

Dec 22, 2022
Analysts say the SPR is increasingly being used not just to cushion against oil price shocks, but to support prices.
A Strategic Petroleum Reserve storage site in Freeport, Texas. Currently, there's less oil in the reserve than at any point since 1984.
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U.S. oil reserve tumbles to lowest level in 4 decades

Sep 22, 2022
Biden authorized the release of crude from the Strategic Petroleum Reserve to boost supply and ease gas prices after Russia invaded Ukraine.
An oil refinery in Wilmington, California. The Strategic Petroleum Reserve now holds around 427 million barrels, down from nearly 600 million at the beginning of the year.
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