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U.S. Secretary of State Marco Rubio met with Uzbek Foreign Minister Saidov to discuss deepening the U.S.-Uzbekistan strategic partnership, covering cooperation in infrastructure, aerospace, key minerals, and collaboration through the C5+1 diplomatic mechanism.On October 19th, U.S. Senator Dave McCormick praised Trumps handling of the Iran issue. The Pennsylvania Republican wrote on social media, "The Iranian regime has the blood of Americans on its hands, and theres no doubt it was ramping up its nuclear weapons program at the time." He stated, "[Trump] made a difficult but courageous decision to confront this threat." McCormick added, "Iranian leaders now face a choice: either abandon their nuclear ambitions or continue to endure economic and military pressure."On October 19, Syria and the World Bank issued a joint statement on October 18, agreeing to establish a multi-party donor trust fund to support Syrias recovery and reconstruction. The statement said the "Syria Recovery and Reconstruction Trust Fund" aims to provide preferential financing, investment guarantees, technical support, and capacity-building support, and attract private investment to support Syrias economic recovery and post-war reconstruction. The fund will be managed by the World Bank and will operate in accordance with World Bank policies and procedures. The World Bank will work with donors and development partners to manage the fund according to priorities identified by the Syrian government.On October 19th, according to the Jerusalem Post, Israeli security forces arrested 10 suspects early Monday morning for alleged involvement in the violence that occurred over the weekend in the West Bank, including the attack on Washington Post photojournalist Heidi Levine. Additionally, videos circulating online show several EU diplomats near the village of Tebe being attacked. The operation, codenamed "Operation Olive Leaf," was a coordinated effort by the Israeli Security Service (Shin Bet), border police, and the Israel Defense Forces (IDF). Previously, the US ambassador to Israel called for an investigation, arrests, and the most severe prosecution and punishment for those involved in the attack on photojournalist Heidi Levine.October 19th - A surge in UK government bonds has been triggered by bets from some major investors that Chancellor of the Exchequer John Healy will maintain fiscal discipline in his first budget. Institutions such as M&G Plc and Ninety One Plc have already bought UK bonds ahead of the budget announcement on October 28th. They anticipate that if Healy demonstrates solid control over spending and borrowing, bond yields could decline. Moyeen Islam, UK interest rate strategist at Barclays, stated, "From a bond market perspective, a plain budget might be the best outcome for a new Chancellor in an uncertain environment. With global markets focused on Washington, Paris, and Tokyo, Healy shouldnt offer any unique UK-related topics to the global market to avoid unnecessary attention."

The U.S. Strategic Petroleum Reserve Has Fallen to Its Lowest Point Since 1987

Charlie Brooks

May 17, 2022 09:50

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The volume of crude oil in the U.S. Strategic Petroleum Reserve (SPR) decreased by 5 million barrels during the week ending May 13.


Stockpiles from 1987, to 538 million barrels in the Strategic Petroleum Reserve (SPR).


According to the data, approximately 3.9 million barrels of sour oil and 1.1 million barrels of sweet crude were discharged onto the market.


President Joe Biden announced in March the largest release ever from the U.S. emergency oil reserve, 1 million barrels per day (bpd) of crude oil for six months, in an effort to reduce gasoline prices that had skyrocketed due to Russia's invasion of Ukraine.


Prior to that, the United States had agreed to release 30 million barrels of SPR oil in March and 50 million barrels from SPR in November.


The price of a barrel of crude oil in the United States has increased by over 25 percent to nearly $114 due to market concerns about a supply shortage. This week, retail gasoline and diesel prices reached all-time highs as fuel demand returned to pre-pandemic levels and refining capacity fell.


The 180 million-barrel discharge was the third time in the previous six months that the United States had tapped the Strategic Petroleum Reserve.


Winners of the most recent SPR auction were Valero Energy Corp (NYSE:VLO), Motiva, Exxon Mobil (NYSE:XOM), Shell (LON:RDSa), Phillips, and Marathon Petroleum Corp. (NYSE:MPC).


According to U.S. Customs data, ship tracking, and an industry source, at least three vessels carrying crude oil from U.S. emergency stocks set sail for Europe in April as European refiners rushed to replace Russian crude supplies.