- Is the dollar being dethroned? India just bought 1M barrels of oil from the UAE using rupees instead of USD for the first time — why this could spell doom for the greenback Yahoo Finance
- Explained: India pays for UAE Oil in Rupees, How India’s Move Alters the US Dollar Landscape Times Of India
- How significant is India’s first ever use of rupees for UAE oil payment? Al-Monitor
- India makes first crude oil payment to UAE in Indian rupees Reuters
- Historic first: India and UAE settle crude oil transaction using national currencies WION
- View Full Coverage on Google News
Tag Archives: barrels
Is the dollar being dethroned? India just bought 1M barrels of oil from the UAE using rupees instead of USD for the first time — why this could spell doom for the greenback – Yahoo Finance
- Is the dollar being dethroned? India just bought 1M barrels of oil from the UAE using rupees instead of USD for the first time — why this could spell doom for the greenback Yahoo Finance
- Explained: India pays for UAE Oil in Rupees, How India’s Move Alters the US Dollar Landscape Times Of India
- How significant is India’s first ever use of rupees for UAE oil payment? Al-Monitor
- BREAKING: RippleNet Users UAE and India Ditch Dollar for Oil Trading — When Will XRP Transactions Explode and Send Price to $10? Report Crypto News Flash
- India makes first crude oil payment to UAE in Indian rupees Reuters
- View Full Coverage on Google News
Box Office: ‘Super Mario Bros. Movie’ Barrels to Record $204 Million Debut, ‘Air’ Scores $20 Million – Variety
- Box Office: ‘Super Mario Bros. Movie’ Barrels to Record $204 Million Debut, ‘Air’ Scores $20 Million Variety
- ‘Super Mario Bros.’ Is Not Enough: David Lowery’s Case for Better Family-Friendly Movies (Column) IndieWire
- Original ‘Mario’ Creator and Composer Unlock ‘The Super Mario Bros. Movie’ Rolling Stone
- The Super Mario Bros. Movie is Average at Best and its Discourse is Inconsistent and Horrid Wccftech
- How to unlock Link in The Super Mario Bros. Movie: a totally real hack Polygon
- View Full Coverage on Google News
US buying 3M barrels of oil to start replenishing reserves
The Biden administration said Friday it is buying 3 million barrels of oil to begin to replenish U.S. strategic reserves that officials drained earlier this year in a bid to stop gasoline prices from rising amid production cuts by OPEC and a ban on Russian oil imports.
President Joe Biden withdrew 180 million barrels from the Strategic Petroleum Reserve starting in March, bringing the stockpile to its lowest level since the 1980s. The purchase, to begin in January, will start to replenish the reserve and is likely to be followed by additional purchases, officials said.
The Energy Department called the purchase “a good deal for American taxpayers’’ since the price will be lower than the $96 per barrel average the U.S. oil was sold for. The replenishment also will strengthen U.S. energy security, the department said in a statement.
The purchase price was not announced, but benchmark West Texas Intermediate crude oil was selling at $74.50 per barrel late Friday.
Gasoline prices, meanwhile, averaged about $3.18 per gallon on Friday, down from $3.74 a month ago and just over $5 per gallon at their peak in June, according to the AAA auto club.
Tapping the reserve is among the few things a president can do by himself to try to control the inflation that makes Americans poorer and often creates a political liability for the party in control of the White House.
Global oil prices were rising even before Russia invaded Ukraine last February. When Biden announced a ban on Russian oil imports in early March, he acknowledged it would come at a cost to American consumers.
The administration completed the release of 180 million barrels in October. The reserve now contains roughly 400 million barrels of oil, down from more than 600 million in late 2021, according to the Energy Department.
The reserve was created after the 1970s Arab oil embargo to give the United States a supply that could be used in an emergency.
Contracts for the purchase will be awarded by Jan. 13, with deliveries to an SPR site in Texas expected in February.
Crippling blizzard brings whiteout conditions as major winter storm barrels through northern Plains
A blizzard is barreling through the North, bringing a major ice storm and heavy snow to the Dakotas, Iowa, Nebraska, Eastern Colorado and southwestern Minnesota.
A blizzard is barreling through the North, bringing a major ice storm and heavy snow to the Dakotas, Iowa, Nebraska, Eastern Colorado and southwestern Minnesota.
A driver southeast of Rapid City, North Dakota Tweeted, “It’s not even snowing currently. This is just blowing snow as the wind howls out of the North.’
The major winter storm is shutting down highways and threatening power outages as part of the same coast-to-coast storm system bringing a multi-day severe weather outbreak to the South.
This truck jackknifed off the road east of Highway 44 near Scenic, South Dakota.
Strong winds and slippery roadways forced this tractor trailer to jackknife in Pennington County, South Dakota.
(Pennington County Sheriff / FOX Weather)
Blizzard Warnings are in effect Tuesday from northeastern Colorado into eastern Wyoming, western South Dakota, western Nebraska and a sliver of southeastern Montana.
National Weather Service meteorologists didn’t have to go very far to confirm blizzard conditions. They could barely see to the road stepping out of the office door in Goodland, Kansas.
The largest concerns are significant icing, and blizzard conditions bringing in feet of snow and wind gusts of up to 60 miles per hour will lead to near-whiteout conditions.
Fargo, North Dakota schools canceled all after school activities in advance of the accumulating snow.
The North Dakota DOT issued a no travel advisory for most of the roads across the state.
Photos from highway cameras in Nebraska and South Dakota showed near whiteout conditions amid snow covered roadways.
In western Nebraska, portions of interstates 80 and 76 were closed, according to the Nebraska Department of Transportation, with highway closures spreading east with the snowfall.
COAST-TO-COAST WINTER STORM BRINGS BLIZZARD TO NORTHERN PLAINS BEFORE SNOW THREATENS NORTHEAST LATE WEEK
In South Dakota, transportation officials closed both eastbound and westbound lanes of Interstate 90 from Chamberlain to the Wyoming state line due to freezing rain, heavy snow and high winds. Some secondary highways were also impassable, the agency said.
A South Dakota DOT camera shows near zero visibility on Interstate 90 near Chamberlain.
(South Dakota Department of Transportation / FOX Weather)
“Trucks traveling west on I-90 should consider long-term parking options in Sioux Falls or Mitchell area,” warned SDDOT. “Officials are noting limited truck parking available in Chamberlain at this time.”
Driving was very slow-going on Highway 44 which was still open. Cars and trucks crawl behind a snow plow.
A South Dakota plow on Highway 44 tries to clear snow from the roadway in tropical storm force winds.
(South Dakota Highway Patrol / FOX Weather)
One trooper in South Dakota showed off nearly 1-inch thick ice covering his patrol car’s antenna.
An Ice Storm Warning is in effect from eastern South Dakota into southwestern Minnesota and northwestern Iowa due to the potential for a quarter- to half-inch of ice accretion. Freezing rain was falling in eastern South Dakota on Tuesday morning along the Interstate 29 corridor as the winter storm continued its trek across the north.
A wintry scene from the National Weather Service office in Sioux Falls showed the building covered in ice.
WHAT MAKES A BLIZZARD DIFFERENT FROM AN ORDINARY SNOWSTORM?
0.15″ of ice covers the National Weather Service office in Sioux Falls, South Dakota on Dec. 13, 2022.
(National Weather Service, Sioux Falls, SD / NOAA)
HOW MUCH ICE IS NEEDED TO KNOCK OUT POWER, DAMAGE TREES?
Cattle brave the 50 mph wind gusts. With temperatures in the teens and the wind, the temperature feels like 3 degrees below 0.
Some ranchers woke up early to drive their cattle to safety before the blizzard hit.
Winter storm barrels into Sierra Nevada, prompting avalanche warning
A winter storm packing high winds and potentially several feet of snow blew into the Sierra Nevada on Saturday, triggering thousands of power outages in California, closing a mountain highway at Lake Tahoe and prompting an avalanche warning in the backcountry. The storm is expected to bring as much as 4 feet of snow to the upper elevations around Lake Tahoe by Monday morning, the National Weather Service said.
A 250-mile stretch of the Sierra from north of Reno to south of Yosemite National Park was under a winter storm warning at least until Sunday.
“Travel will be very difficult to impossible with whiteout conditions,” the weather service said in Reno, where rain started falling Saturday.
A flood advisory was in effect from Sacramento to the California coast near San Francisco.
Caltrans via AP
The storm will impact the California coastline into the southwest this weekend with “heavy to excessive rainfall along the Golden State coastal areas and widespread heavy snow from the Sierra into much of the intermountain West,” the National Weather Service said in a statement. The excessive rainfall will affect the central California coast on Saturday, and Southern California around the greater Los Angeles and San Diego areas on Sunday.
The U.S. Forest Service issued an avalanche warning for the backcountry in the mountains west of Lake Tahoe where it said “several feet of new snow and strong winds will result in dangerous avalanche conditions.”
A stretch of California Highway 89 was closed due to heavy snow between Tahoe City and South Lake Tahoe, California, the highway patrol said. Interstate 80 between Reno and Sacramento remained open but chains were required on tires for most vehicles.
More than 30,000 customers were without power in the Sacramento area at one point Saturday morning. It had been restored to all but about 3,300 by midday. But forecasters warned winds gusting up to 50 mph could bring down tree branches and power lines later in the day.
About 10 inches of snow already had fallen at Mammoth Mountain ski resort south of Yosemite where more than 10 feet of snow has been recorded since early November.
“It just seems like every week or so, another major storm rolls in,” resort spokeswoman Lauren Burke said.
The storm warning stretches into Sunday for most of the Sierra, and doesn’t expire until Monday around Tahoe.
As much as 18 to 28 inches of snow was forecast through the weekend at lake level, and up to 4 feet at elevations above 7,000 feet with 50 mph winds and gusts up to 100 mph.
On the Sierra’s eastern slope, a winter weather advisory runs from 10 p.m. Saturday to 10 a.m. for Reno, Sparks and Carson City, with snow accumulations of 1 to 3 inches on valley floors and up to 8 inches above 5,000 feet.
The system will become a “large-scale and significant storm early next week” across the central and southern U.S. with heavy snow, rain and severe weather, according to the weather service. The snow is expected to spread into the mountains of the central Rockies and Arizona Sunday, with totals of 6 to 12 inches anticipated through early Monday morning, the weather service said.
Keystone Pipeline shuts down after oil leak, halting flow of 600,000 barrels a day
New York
CNN Business
—
The Keystone Pipeline has been shut down following a leak discovered near the border of Kansas and Nebraska.
The shutdown of the major oil pipeline that carries crude from Canada triggered volatility in the energy market on Thursday, with oil prices briefly surging as much as 5% before retreating.
Federal safety regulators are investigating the leak and have deployed to the site, a spokesperson for the Pipeline and Hazardous Materials Safety Administration told CNN.
Canada’s TC Energy
(TRP) said it launched an emergency shutdown of the Keystone Pipeline System at 9 p.m. ET on Wednesday after alarms were triggered and pressure dropped in the system. The company said the system remains shut as “our crews actively respond and work to contain and recover the oil.”
Calgary-based TC Energy said there has been a “confirmed release of oil” into a creek located about 20 miles south of Steele City, Nebraska. An estimated 14,000 barrels of oil have been discharged as of late Thursday, the company said.
The PHMSA, an arm of the Transportation Department charged with enforcing safety regulations for pipelines, said the leak is located near Washington, Kansas, which is near the border with Nebraska.
The spokesperson said the agency continues to investigate the cause of the leak.
US oil prices climbed as high as $75.44 a barrel on the news, before easing. In recent trading, oil was up 0.8% to $72.57 a barrel. The gains follow a steep selloff in recent days that left crude at levels unseen since December 2021.
No timetable has been given for restarting the Keystone Pipeline, a 2,700-mile system that delivers mostly Canadian oil to major refineries across America. The pipeline can transport more than 600,000 barrels of oil per day.
Matt Smith, an analyst at commodity data provider Kpler, said Canadian oil normally transported by Keystone can’t be easily replaced.
“We’re seeing a pop in prices because this will impact refiners that take this crude,” Smith said.
“Our primary focus right now is the health and safety of onsite staff and personnel, the surrounding community, and mitigating risk to the environment through the deployment of booms downstream as we work to contain and prevent further migration of the release,” TC Energy said in a statement.
The leak happened on an existing Keystone pipeline that is separate from Keystone XL, a controversial pipeline project that was terminated last year after President Joe Biden revoked the pipeline’s permit on his first day in office.
The Keystone Pipeline has experienced leaks in the past, including one in South Dakota in 2016 and another one in 2019 in North Dakota that impacted nearly five acres.
Biden says he’ll release 10 million more barrels from the dwindling ‘oil piggy bank’ after OPEC’s production cuts — but this is the big risk with more withdrawals
In an effort to counter rising prices at the pump, President Biden plans to plunder the country’s “oil piggy bank.”
In November, the Department of Energy will deliver 10 million barrels from the Strategic Petroleum Reserve (SPR) to the market. The SPR — the world’s largest supply of emergency crude oil — was established back in 1975 in case of a severe oil supply crisis or economic disruption.
Biden’s decision comes after the Organization of the Petroleum Exporting Countries (OPEC+) said it would slash oil production by 2 million barrels a day — putting extra pressure on the global energy supply.
However, with the country’s emergency reserve already at its lowest levels since 1984, some experts have concerns about the long-term implications.
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U.S. gas prices are going up again
Gas prices hit a record high of $5.02 a gallon in June after Russia’s invasion of Ukraine, but this summer saw a 99-day streak of lower prices due to recession fears and declining oil prices.
However, even before OPEC+ declared it would be cutting back on oil production, gas prices began inching back up again in late September. This may have been due to a combination of increasing demand, refinery issues and the upcoming European ban on Russian oil.
Now with OPEC+’s recent decision, prices are expected to escalate even further. The group says the production cuts are being made due to “the uncertainty that surrounds the global economic and oil market outlooks.”
As of Oct. 7, the average national gas price was $3.89 per gallon, which is about 10 cents higher than the week before, according to AAA.
Biden disappointed by ‘shortsighted’ production cut
Hours after the OPEC+ announcement, the White House said the president was disappointed by “the shortsighted decision by OPEC+ to cut production quotas” as the global economy is still contending with the effects of Russia’s invasion of Ukraine.
The press release noted that 10 million barrels of oil would be drained from the SPR and the Secretary of Energy would be exploring other options to increase domestic production.
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Biden also urged gas companies to keep bringing gas prices down.
Why making big withdrawals from the reserve could be risky
Since March, the Energy Department has released 160 million barrels of crude oil, or over a quarter of the stockpile — draining the SPR to its lowest levels in four decades.
As of Sept. 30, the reserve has dropped to 416 million barrels, according to department data.
The Independent Petroleum Association of America (IPAA) stated back in Nov. 2021 that it strongly opposed tapping into oil stockpiles to counter gas prices. The group’s concern was that depleting the emergency reserve could put the U.S. at risk if the global or domestic oil supply reaches dangerously low levels before the supply can be brought back up.
The IPAA recommends ramping up domestic natural gas and oil production instead, although oil producers are already dealing with supply-chain issues, limited capital and investor pressure to boost returns.
Francisco Blanch, managing director and head of global commodities at Bank of America Global Research also voiced criticism in a segment on Bloomberg Television.
“I don’t think it’s a great idea given the incredibly tense geopolitical world we live in today,” Blanch said. By using up the reserve, the U.S. could be putting itself “more in the hands of OPEC+ … eventually you’re just ceding more and more market control.”
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
OPEC+ to consider oil cut of over than 1 million barrels per day
DUBAI, Oct 2 (Reuters) – OPEC+ will consider an oil output cut of more than a million barrels per day (bpd) next week, OPEC sources said on Sunday, in what would be the biggest move yet since the COVID-19 pandemic to address oil market weakness.
The meeting will take place on Oct. 5 against the backdrop of falling oil prices and months of severe market volatility which prompted top OPEC+ producer, Saudi Arabia, to say the group could cut production.
OPEC+, which combines OPEC countries and allies such as Russia, has refused to raise output to lower oil prices despite pressure from major consumers, including the United States, to help the global economy.
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Prices have nevertheless fallen sharply in the last month due to fears about the global economy and a rally in the U.S. dollar after the Federal Reserves raised rates.
A significant production cut is poised to anger the United States, which has been putting pressure on Saudi Arabia to continue pumping more to help oil prices soften further and reduce revenues for Russia as the West seeks to punish Moscow for sending troops to Ukraine.
The West accuses Russia of invading Ukraine, but the Kremlin calls it a special military operation.
Saudi Arabia has not condemned Moscow’s actions amid difficult relations with the administration of U.S. President Joe Biden.
Last week, a source familiar with the Russian thinking said Moscow would like to see OPEC+ cutting 1 million bpd or one percent of global supply.
That would be the biggest cut since 2020 when OPEC+ reduced output by a record 10 million bpd as demand crashed due to the COVID pandemic. The group spent the next two years unwinding those record cuts.
On Sunday, the sources said the cut could exceed 1 million bpd. One of the sources suggested cuts could also include a voluntary additional reduction of production by Saudi Arabia.
OPEC+ will meet in person in Vienna for the first time since March 2020.
Analysts and OPEC watchers such as UBS and JP Morgan have suggested in recent days a cut of around 1 million bpd was on the cards and could help arrest the price decline.
“$90 oil is non-negotiable for the OPEC+ leadership, hence they will act to safeguard this price floor,” said Stephen Brennock of oil broker PVM.
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Reporting by Maha El Dahan, Olesya Astakhova and Alex Lawler; Editing by Gareth Jones, Jan Harvey and Raissa Kasolowsky
Our Standards: The Thomson Reuters Trust Principles.
Hurricane Ian barrels into South Carolina after slamming Florida
Elections officials in portions of Florida hard hit by Hurricane Ian are scrambling to meet a fast-approaching deadline to begin sending out absentee ballots and are working to develop contingency plans for November’s general election.
In Lee County, Florida – home to Fort Myers, which saw homes and businesses torn apart and flooded this week by the powerful storm – Elections Supervisor Tommy Doyle said the county’s election equipment and voting material survived Ian, but his facilities lack power.
An immediate priority, he told CNN on Friday, was ensuring that the county would meet the Oct. 6 deadline under state law to mail out about 180,000 absentee ballots to Florida residents who already have requested them. The Bonita Springs, Florida, vendor handling the work already had completed about half the project when the storm hit, Doyle said, but currently lacks electrical power to finish the job.
If the power is not restored by Sunday, Doyle said he plans to shift the work to the East Coast of the state in an effort to meet the deadline.
Leon County Elections Supervisor Mark Earley, who is president of the state association for Florida’s 67 election supervisors, said counties affected by the hurricane are still “assessing the situation,” but said their main offices and warehouses “survived intact and remarkably well.”
Officials, however, will have to come up with contingency plans, especially in Lee County, for in-person voting later this fall, following the likely destruction of polling places, he said.
Earley said those options include establishing consolidated voting centers and encouraging Floridians displaced by the storm to vote by mail. Oct. 29 is the deadline to request a vote-by-mail ballot in Florida.