As fears grow that a potential U.S. strike on Iran could choke off global oil supplies and send prices soaring, former Energy Secretary Dan Brouillette says strong American production is keeping a lid on a $100-a-barrel price shock for now. "What we are not seeing is a lack of supply in the marketplace. That is traditionally what would drive prices higher. That is not the case today," Brouillette said Monday.Instead, he said the recent jump reflects traders factoring in the possibility that escalating tensi ...

President Donald Trump’s plan to take control of Venezuela’s oil industry and ask American companies to revitalize it after capturing President Nicolás Maduro in a raid isn’t likely to have a significant immediate impact on oil prices. Venezuela’s oil industry is in disrepair after years of neglect and international sanctions, so it could take years and major investments before production can increase dramatically. But some analysts are optimistic that Venezuela could double or triple its current output o ...

President Donald Trump's plan to take control of Venezuela's oil industry and ask American companies to revitalize it after capturing President Nicolás Maduro in a raid isn't likely to have a significant immediate impact on oil prices. Venezuela's oil industry is in disrepair after years of neglect and international sanctions, so it could take years and major investments before production can increase dramatically. But some analysts are optimistic that Venezuela could double or triple its current output o ...

Group 1 - China stockpiled crude oil at a daily rate of approximately 690,000 barrels in October, an increase from 570,000 barrels daily in September [1] - Refinery throughput in October averaged 14.94 million barrels daily, representing a 6.4% year-on-year increase, but a decline from September's average of 15.26 million barrels per day [2] - Total daily supply in October, combining imports of 11.39 million barrels and local production of 4.24 million barrels, reached 15.63 million barrels, with the excess likely going into storage [3] Group 2 - China's stockpiling has contributed to the stability of oil prices, as the world's largest oil importer builds a supply cushion to mitigate potential disruptions [4] - Over the first ten months of the year, China maintained a stockpiling rate of 900,000 barrels daily, providing a significant buffer against disruptions such as U.S. sanctions on Russian oil companies [5]