With OPEC+ refusing to pump more oil and Saudi Arabia increasing its official selling prices, pressure is increasing on President Biden to consider tapping the Strategic Petroleum ReservesChart of the Week- Netting a third straight month of declines, Chinese crude oil imports dropped to 8.94 million b/d in October, the lowest level since July 2018.
- The regional electricity mandates contributed to a fall in utilization rates to 81%, a five-month low, despite robust demand for transportation fuels. - Independent refiners were limited…Pressure Mounts On Biden To Tap U.S. Oil Reserves
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