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Biden authorizes release of more than 180M barrels of oil from Strategic Petroleum Reserve; 1M bpd for 6 months

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In an effort to address the rapidly increasing cost of gasoline, President Biden authorized the release of 1 million barrels of oil per day for the next six months—more than 180 million barrels—from the Strategic Petroleum Reserve (SPR). million barrels of sweet and 200,000 barrels of sour crude oil. President George W.

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New EIA report boosts estimates of global recoverable shale oil resources 10-fold to 345 billion barrels

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Map of basins with assessed shale oil and shale gas formations, as of May 2013. Among the highlights in the 2013 report is a 10-fold increase in the estimate of technically recoverable shale / tight oil from 32 billion barrels (from the EIA’s Annual Energy Outlook 2011 ) to 345 billion barrels. Source: US EIA. Click to enlarge.

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GECF: more than a quarter of 2050 natural gas supply untapped

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Senturin made his remarks during the 25 th Oil & Gas of Turkmenistan Conference. To this end, the GECF Secretary General reiterated the GECF’s readiness to support the Turkmen industry as it undergoes transformation on the back of the future energy trends, digitalization, and climate action. —Secretary General Sentyurin.

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Platts Survey: OPEC pumps 31.28M barrels of crude per day in June; highest since Aug 2012

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Oil production from the Organization of the Petroleum Exporting Countries (OPEC) totaled 31.28 million barrels per day (b/d) in June, up 170,000 b/d from May and the fourth consecutive monthly increase since February, as Saudi Arabia and Iraq pushed out more oil, a Platts survey of OPEC and oil industry officials and analysts showed Monday.

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Platts: June OPEC output of 32.73M barrels of crude per day, highest since Aug. 2008

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Oil production from the Organization of the Petroleum Exporting Countries (OPEC) crude oil output surged 300,000 barrels per day (b/d) in June, close to an eight-year high of 32.73 Nigerian production hit 30-year lows in May as militancy continued in the country’s oil rich Niger Delta. The situation remains volatile.

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Opinion: How Much Longer Can OPEC Hold Out?

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OPEC (Organization of the Petroleum Exporting Countries) has been the most talked about international organization among investors, analysts and international political lobbies in the last few months. The EIA even predicts that OPEC’s net oil exports (excluding Iran) could fall to as low as $380 billion in 2015.

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Opinion: Saudis Could Face An Open Revolt At Next OPEC Meeting

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OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia's role of guarantor of $100+/bbl oil. billion vs. $1.6 billion) and $1 billion ($2.5