The US is trying to influence the price of oil – News

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February 15, 2023, 12:56 – BLiTZ – News Oil prices fell by 0.8%, dropping to $85.70 per barrel. These dynamics were influenced by the decision of the US authorities in the period from April to June 2023 to use 26 million barrels from strategic reserves. During this period, the States intend to supply the market with about 300,000 barrels of oil per day. About it writes FBA “Economy Today”.

It is noted that the US administration took appropriate measures even in the conditions that the country’s reserves are fixed at the lowest levels since 1983. At the same time, the States, in accordance with forecasts, will set a new record for shale oil production in March, which increased to 9.36 million barrels per day.

Also, the reason for such a decision on the part of the United States was the reduction in oil production in Russia by 500 thousand barrels per day, as well as the observed increase in demand in China. The American authorities are worried that these factors may create a shortage of raw materials in the oil market, which, in turn, will cause a new round of price growth. However, the market is currently in an uptrend.

It is noted that traders are waiting for new data on US inflation for January. It is from this indicator that the further actions of the Fed will depend. The publication of the OPEC report and data on stocks from the US Petroleum Institute has no less influence.

Earlier, the BLiTZ reported that OPEC+ oil production in January was 1.93 million barrels per day below the level allowed by the oil agreement, and in monthly terms decreased by 160,000 barrels per day to 44.29 million barrels per day.

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