Trumps plan to sell off some of the US oil reserves roils oil markets
(May 24)The Trump plan to sell off half of the US strategic oil reserve was a surprise move and goes counter to OPEC's attempts to limit supply and boost prices.
|The recently released Trump budget plan would see half of the US Strategic Petroleum Reserve (SPR) sold off over ten years, starting in October 2018.|
Canada, as one of the world’s largest non-OPEC oil and gas producers, has held back more output than any individual OPEC member in the latest round of cuts since well before the current pact was in place. Based on nearly a dozen estimates collected from top energy investors, industry experts and academics, BNN has determined Canadian oil production would be far higher today were it not for a constant lack of pipeline export capacity over the first half of the past decade.The lower production is for the most part due to the lack of more pipelines needed to increase exports. However, it also means that Canada is getting a better price than it would if there were an even larger glut on the oil market.