OPEC's share shrunk as refiners increased imports from Canada and the United States, data shows.
Combined, the U.S. Energy Department has so far released more than 8 million barrels of the 32 million in exchanges of Strategic Petroleum Reserve oil outlined in November.
The release of crude stocks by China will occur around Lunar New Year, which falls on Feb. 1, the sources said.
In contrast to its dealings with the European Union, Russia is delivering natural gas exceeding its contractual commitments to China, Birol added.
In prior months, the Biden administration blasted identical increases in production by OPEC+ as insufficient, and criticized the group of producers for hobbling the economic recovery.
“The impact of the new Omicron variant is expected to be mild and short-lived, as the world becomes better equipped to manage COVID-19 and its related challenges,” the OPEC+ report said.
In 2018, then U.S. President Donald Trump reimposed stringent economic sanctions against Tehran.
Ventura Global’s agreement marks the first LNG supply agreement signed by a U.S. exporter with CNOOC, China’s largest importer of LNG.
“The renewed drop in flows to northwest Europe along one of three main pipelines coincides with both the start of linepacking of string 2 of Nord Stream 2, as well as unseasonably cold weather in Russia,” ICIS analysts said.
The main reason gasoline prices are lower has been the falling price of crude oil, which makes up more than half of the price of gasoline.