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Apr 9, 2024 · In 2023, strong growth in crude output from the United States, the world’s largest oil producer, and other countries outside the Organization of Petroleum Exporting Countries helped reassure...
- 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
Jul 28, 2023 · Global oil prices have gained more than 16% since late June and are heading for their fifth-straight week of gains, the longest rally since before Russia’s full-scale invasion of Ukraine upended...
Feb 2, 2022 · Feb. 2, 2022. HOUSTON — Oil prices are increasing, again, casting a shadow over the economy, driving up inflation and eroding consumer confidence. Crude prices rose more than 15 percent in...
Oct 6, 2023 · The price of crude oil has been on a roller coaster for the past two years, and surged this summer to hit $94 on Sept. 27, its highest level of the year.
- bob.henderson@wsj.com
- Reporter
May 9, 2024 · NEW YORK (Reuters) -Oil prices edged up to a one-week high on Thursday on data from China and the U.S. signaling demand in the world's two biggest crude-consuming nations could climb. Brent...
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May 31, 2022 · To make matters worse, a shortage of refinery capacity in America has raised prices for petrol and diesel even further than the cost of crude.
