the US Strategic Petroleum Reserve
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Trump once slammed Biden for touching US oil reserves, now he's draining it: Report
America is digging deeper into its emergency oil reserves as the fallout from the war with Iran continues to squeeze global energy supplies. Since the conflict began, the US Strategic Petroleum Reserve has lost about 50 million barrels, as the Trump administration seeks to offset supply shortages and ease pressure from rising fuel prices. These withdrawals are dragging down the country's emergency oil stockpile levels towards the lowest levels since 1980s.
Moody's top economist Mark Zandi says: America has a week to secure peace deal
America has just days to secure a peace agreement with Iran or risk sliding into recession, according to Moody’s chief economist Mark Zandi. According to a report by Business Insider, speaking to Bloomberg, Zandi said that the increase in oil prices triggered by stalled negotiations has pushed the US economy to a critical threshold. Recently, Iran announced that it would halt negotiations and block the Strait of Hormuz until the important demands are met, sending Brent and US crude oil...
Moody's top economist warns of US Recession again; says: Unemployment will rise
Moody’s Analytics chief economist Mark Zandi has once again sounded the alarm over the state of the US economy. According to a report by Business Insider, in his latest newsletter, Zandi warned that while the GDP has increased this year, the pace of growth still remains below potential. “The economy is growing, but at a rate below its potential, so the situation is tenuous,” he wrote.
Keeping India's growth story intact: 5 lessons from Middle East conflict that should not be ignored
Led by a growing domestic demand and a favourable demographic dividend, the Indian economy and its growth story have been called fundamentally strong by economists. But short-term global economic shocks, like the ongoing Middle East conflict, have the potential to temporarily slow the growth story - a fact that cannot be ignored if India hopes to be among the top three world economies in the coming years. In its latest Economy Watch report, EY has pointed out the need for India to ‘recast...
Commentary: The Strait of Hormuz is getting less dire by the day
Commentary: The Strait of Hormuz is getting less dire by the day The longer we go without oil from the Persian Gulf, the less we’ll need it, says Christopher Smart for the New York Times. NEW YORK: Whatever peace agreement the United States and Iran may cobble together, there will be no quick return to pre-war energy flows through the Strait of Hormuz. Even after the mines are cleared, it will take a brave tanker captain to trust that the passage is once again secure - and higher insurance...
Saved by the barrel: Why crude hasn't hit the $200 mark
When the Strait of Hormuz tightened, many braced for $200-a-barrel oil. More than three months on, that nightmare scenario is still nowhere in the picture. The disruption, which removed more than 10 million barrels a day of Middle Eastern supply from the market, had fuelled warnings of crude prices soaring to as much as $200 a barrel.
100 days of the Iran war: How global markets and the economy have been affected, in charts
Sunday marks 100 days since the war in the Middle East began, and the conflict continues to drive substantial volatility across all asset classes in every region of the world as a lasting peace deal remains elusive. Negotiations between the U.S. and Iran have stagnated, with Washington and Tehran sending mixed messages on the state of peace talks and both sides periodically exchanging bouts of military attacks. Nevertheless, a fragile ceasefire remains in place to allow for diplomacy to take...