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Concerns over supplies and geopolitical risks
- Oil prices have climbed in recent weeks, spurred by concerns over supplies and geopolitical risks, including wars in Ukraine and the Middle East. Analysts say the momentum could carry prices higher.
www.nytimes.com/2024/04/09/business/oil-price-rise.htmlWhy Oil Prices Have Been Rising Recently - The New York Times
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- 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
Jun 3, 2022 · Oil prices have roared back to about where they werein the early days of the Ukraine war, and there’s no prospect of significant relief for drivers and businesses any time soon.
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...
Sep 28, 2021 · Record gas prices because of a shortfall in global production are now feeding back into oil markets and expected to push crude higher as some industries shift to using oil to generate power.
- Neil Hume
Sep 25, 2023 · By DAVID McHUGH. Updated 2:19 AM PDT, September 25, 2023. FRANKFURT, Germany (AP) — Oil prices have risen, meaning drivers are paying more for gasoline and truckers and farmers more for diesel. The increase also complicates the global fight against inflation and feeds Russia’s war chest.
Apr 3, 2024 · Key Takeaways. Oil prices rose on Wednesday to their highest level all year as OPEC+ left its 2.2-million-barrel per-day production cuts in place. Bank of America Securities analysts forecast a...
