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Oil price pulls back after US declarations

  • The United States is speaking with OPEC members that have spare capacity
  • The United States is confident that the OPEC countries will soon increase production
  • The US may continue to roll out strategic reserves after October

US declarations are pushing oil prices lower. However, it is worth remembering that the stockpiles have been very much drained and are being reduced by about 1 million barrels a day! Moreover, many OPEC members, even those with spare production capacity, may not be able to increase production further, as current production levels stand  near all-time highs. Moreover,  US oil processing is also approaching historic peaks in terms of the use of refining capacity. The oil market is very tight.

OIL.WTI prices pulled back, however it is worth remembering that they are merely declarations that do not necessarily have to translate into actual measures that will change the situation on the market.. Source: xStation5

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