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Jan 4, 2022 · Crude oil prices increased in 2021 as increasing COVID-19 vaccination rates, loosening pandemic-related restrictions, and a growing economy resulted in global petroleum demand rising faster than petroleum supply. The spot price of Brent crude oil, a global benchmark, started the year at $50 per barrel (b) and increased to a high of $86/b in ...
- Brent
Crude oil prices increased in 2021 as global crude oil...
- WTI (West Texas Intermediate)
Crude oil prices increased in 2021 as global crude oil...
- Brent
Jan 5, 2022 · A faster increase in global oil demand than growth in supply led to oil prices jumping last year, with the average Brent Crude price at $71 per barrel—the highest of the past three years, the...
Nov 4, 2021 · By Louis Jacobson November 4, 2021. If Your Time is short. • President Joe Biden said higher gas prices were because OPEC and Russia aren’t increasing production sufficiently. Experts say...
- OPEC Production Cuts
- Demand Trends Strong
- U.S. Rig Counts Falling
- Looking Ahead For Oil
Perhaps the single biggest driver of rising oil prices has been supply cuts by Russia and the Organization of Petroleum Exporting Countries (OPEC). On September 5, Saudi Arabia announced it will be extending its 1 million barrel per day production cuts through at least the end of the year. Russia has announced it will be cutting production by 300,0...
Historically, U.S. oil demand and economic growth are highly correlated, and the U.S. economy has performed much better than most economists had anticipated so far in 2023. Crude oil prices pulled back from their recent highs after the Federal Open Market Committee (FOMC) took a hawkish tone at its September meeting, emphasizing investors should be...
In the past, U.S. oil companies reacted to rising oil prices and tight supplies by aggressively investing in ramping up oil production. This time, they seem to be taking a much more cautious approach. The number of operating U.S. oil rigs dropped by eight to 507 rigs for the week ending September 22, its lowest level since February 2022. Total U.S....
Looking ahead, U.S. oil refiners expect to have about 1.7 million bpd of refining capacity offline for the week ending September 29, and that offline capacity is expected to expand to 1.9 million bpd for the week ending October 6, according to research company IIR Energy. Given falling rig counts and offline refiners, U.S. drivers may not get much ...
- Wayne Duggan
Jan 15, 2021 · Why Oil Will Keep Rising In 2021. By David Messler - Jan 14, 2021, 7:00 PM CST. We have seen strong moves higher in the key crude oil benchmarks-WTI, and Brent, in the last several months.
Nov 2, 2021 · Crude oil prices increased sharply in 2021Q3 and continued rising in October, driven by increased demand, weather-related supply disruptions, and restrained production by OPEC and its partners (OPEC+).
Mar 17, 2021 · Oil 2021, the IEA’s latest medium-term outlook, explains why. Rapid changes in behaviour from the pandemic and a stronger drive by governments towards a low-carbon future have caused a dramatic downward shift in expectations for oil demand over the next six years.
