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- The increase was driven by a 5.3 million barrel release from U.S. strategic reserves; the United States has been emptying its reserve to quell the rise in oil prices that began in the spring.
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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...
Jan 11, 2024 · +0.49% U.S. oil production has touched its highest level on record, and exports of the commodity are on the rise, but a hit to prices from a potential slowdown in demand and a lack of sufficient...
- 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 ...
Mar 11, 2024 · The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row. Crude oil production in the United States, including condensate, averaged 12.9 million barrels per day (b/d) in 2023, breaking the previous U.S. and global record of 12.3 million b/d, set in 2019.
Aug 31, 2023 · NEW YORK, Aug 31 (Reuters) - U.S. field production of crude oil rose 1.6% in June to 12.844 million barrels per day, the highest since February 2020, before the coronavirus pandemic destroyed...
Aug 10, 2022 · U.S. crude stocks rose in the most recent week while U.S. production hit its highest level since April 2020, a signal that high prices are driving further output in the world's largest oil...
Sep 26, 2023 · HOUSTON (Reuters) - Oil prices surged 3% on Wednesday to the highest settlement in 2023, after a steep drop in U.S. crude stocks compounded worries of tight global supplies. Brent crude...
