UK PM's spokesman says UK holds substantial emergency and commercial stocks of oil
Newsquawk Staff ·
UK PM's spokesman says UK holds substantial emergency and commercial stocks of oil.
What it means
The UK Prime Minister's spokesman emphasized the country's significant emergency and commercial oil stocks, which may help mitigate supply shocks or price surges. This statement could provide reassurance to the markets, particularly in light of ongoing geopolitical tensions affecting energy prices. Traders should monitor how this impacts WTI dynamics and overall market sentiment in the commodities sector.
- ADNOC reportedly informed some Asian refiners that it may begin delivering Upper Zakum crude via a new pipeline to the Fujairah terminal in early 2027, allowing shipments to bypass the disrupted Strait of Hormuz, according to Bloomberg
- US White House says the oil agreement with Venezuela will deliver a total of 65bln barrels
- Syria and Iraq discuss exporting Iraqi oil via the Baniyas pipeline
- UAE’s Sharjah temporarily closes all its beaches as a precautionary measure after an oil spill, according to a statement
- Russian Deputy PM Novak says they are open to work with US partners on energy, but there are no current discussions around a return to specific projects
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