International Energy Agency rules say member states, including the UK, must hold oil stocks equivalent to 90 days of net oil imports. EU rules say member must hold reserves to cover 61 days of domestic consumption. In total the EU holds nearly 109 million tons of emergency crude and fuel stocks, with around a third
President Donald Trump on Friday said the U.S. has entered an agreement with Venezuela to take control of 65 billion barrels of the South American country’s oil reserves. Trump in a social media post announced the agreement he said was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela’s interim President
Donald Trump said the US has secured majority control of more than 65 billion barrels of Venezuelan oil. In a post on Truth Social on Friday, Trump said the US has reached “THE BIGGEST OIL DEAL IN WORLD HISTORY” with interim Venezuelan President Delcy Rodríguez and private companies, and that the agreement would come “at
Strategic oil inventories have reached a 40-year low, and experts warn their continued depletion could damage the underground caverns where the reserves are stored. Last week, the Strategic Petroleum Reserve (SPR) plunged below 300 million barrels for the first time since the 1980s, when the reserves were being filled, according to the Department of Energy.
