OPEC cut its outlook for demand in 2020, saying world oil demand would fall by 9.46 million bbl/d this year, an increase of 400,000 bbl/d from its previous report.
From Russia with...honesty—a surprisingly bearish outlook from Russian Energy Minister Alexander Novak provided evidence of cohesion in the extended OPEC+ agreement on oil production cuts.
Other reserve sites will return oil to companies.
Crude inventories rose by 2 million barrels in the week to Sept. 4 to 500.4 million barrels, according to an EIA report, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel drop.
Traditional onshore storage is close to capacity.
Bears will get support from U.S. crude oil production—two years lost in this sector.
Crude oil inventories fell by 9.4 million barrels in week to Aug. 28 to 498.4 million barrels, according to EIA data, compared with analysts' expectations in a Reuters poll for a 1.9 million-barrel drop.
The EIA reported total U.S. product consumption has finally reached the levels of the five-year historical range, which, after a five-month roller coaster, could potentially bring the oil sector one step closer to normalization.
This program is designed to certify inspectors of aboveground storage tanks, found commonly at terminals, refineries, biofuels, and petrochemical facilities.