States across the United States are more financially prepared to weather a recession, with record-high cash reserves that are expected to increase further this year, according to the National Association of State Budget Officers (NASBO). According to the latest data from NASBO, state reserves, also known as rainy-day funds, increased 58 percent over fiscal 2020 levels, to reach a new…

Members of the International Energy Agency (IEA) can tap into its oil reserves to alleviate any supply issues, the agency’s executive director Fatih Birol said in a recent interview. The recent “unfortunate decision” by OPEC+ to cut down oil output threatens price outlook, and comes at a time when global economies are on the brink…

Updates on one of the most powerful storms ever recorded in the U.S. Major damage and flooding after Hurricane Ian hit the Gulf Coast. Authorities are asking residents to remain vigilant. The head of a U.S. oil group, raising concerns about the nation’s emergency oil stockpile — accusing the Biden administration of using it to help…

NEW YORK—U.S. oil reserves held by 50 large companies rose by 13 percent over the five years ended in December, according to an Ernst & Young report released on Wednesday, with mergers and acquisitions contributing most of the recent gain. Oil reserve estimates, which signal the direction of crude output, climbed to 31.8 billion barrels…

HOUSTON—More than 5 million barrels of oil that were part of a historic U.S. emergency reserves release to lower domestic fuel prices were exported to Europe and Asia last month, according to data and sources, even as U.S. gasoline and diesel prices hit record highs. The export of crude and fuel is blunting the impact…

TOKYO—Japan is considering releasing oil from its reserves for the first time to curb surging oil prices, Kyodo news agency reported on Saturday, as Prime Minister Fumio Kishida signaled his readiness to counter oil price hikes following a request from the United States. However, Japan may struggle to justify such a move, as under its…

TOKYO—Oil prices dropped on Monday as China’s release of gasoline and diesel reserves eased concerns over tight global supply, while investors cashed in ahead of a Nov. 4 meeting of major crude producers that could increase future production targets. Brent crude futures dropped 46 cents, or 0.6 percent, to $83.26 a barrel by 0746 GMT,…

WASHINGTON—International Monetary Fund Managing Director Kristalina Georgieva on Wednesday said she expects advanced economies to reach their target of shifting $100 billion of $650 billion in newly created emergency reserves to countries in need. Georgieva told reporters she was encouraged by the IMF executive board’s consideration of a new Resilience and Sustainability Trust (RST) that would…

SINGAPORE—Oil prices rose on Friday on growing signs of tightness in U.S. markets after Hurricane Ida hit offshore output, although benchmarks were heading for weekly losses of about 1 percent after China announced plans to sell crude from its strategic reserves. Brent crude futures for November rose 44 cents, or 0.6 percent, to $71.89 a…