The Department of Energy (DoE) chief likewise reminded industry players of their compliance with the minimum inventory requirements amid the global oil supply outlook for the fourth quarter of the year. "Continued sanctions against Iran removes as much as 2 to 3 million barrels of crude oil per day from the world market," the OIMB said. Moreover, sanctions against Venezuela, which reduced the potential supply of about 1 to 2 million barrels of crude oil supply per day from the global market, are seen to remain for the "foreseeable future." Refiners must maintain a minimum inventory of petroleum crude oil and refined petroleum products for 30 days. Cusi assured consumers the agency will continue to closely monitor global oil supply and price movements.

Source: Manila Times October 05, 2021 14:26 UTC