- Biden administration plans to release more oil from the SPR (BBG, Reuters)
- The Biden administration plans to sell oil from the Strategic Petroleum Reserve in an attempt to bring down fuel prices before next month's congressional elections, said people familiar with the matter
- The sale would market the remaining 10 to 15 MMBbl from Biden’s previously announced release from the reserve of 180 MMBbl that started in May
- Furthermore, the administration is still mulling curbs on fuel exports to keep more gasoline and diesel in the country, according to two people familiar with the matter
- Meanwhile, Energy Aspects’ Amrita Sen told CNBC the Biden administration was considering releasing another 100 MMBbl from the SPR
- Two big Indian refiners stop Russian crude purchases ahead of EU sanctions (BBG)
- Indian Oil Corp paused spot purchases of Russian shipments that will arrive beyond the deadline of December 5
- Bharat Petroleum Corp. would not consider one-off purchases until more clarity is available, said people familiar with the company’s procurement policy
- The restrictions may make it difficult to find ships and make payments for the cargo, the sources added, which is why Indian processors are seeking clarification on the sanctions