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Feb 16, 2022 · However, it is probably safe to say that there are three key underlying reasons: 1. Booming economic growth driving demand for oil. Two years ago when COVID-19 started, there was a plunge in economic activity and oil demand. Producers were adjusting production levels, but there is only so much one can do without destroying reservoirs or capital ...
- 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 · Here's why. 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 ...
Nov 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 he has some justification for his ...
Apr 25, 2022 · Crude oil is down more than $20 a barrel, or a decline of almost 20%, from its March peak. But gas prices remain elevated, costing an average of $4.11 a gallon at stations across the U.S ...
- Cerullo
- 4 min
Jul 7, 2021 · Gas prices are displayed at a Chevron station on June 14 in Los Angeles. A meeting of the oil cartel known as OPEC+ ended in drama, leading to intense volatility in crude prices. Oil prices have ...
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Jun 12, 2024 · However, the analysis includes three projections for where oil prices could be in 2030, ranging from a high of more than $90 a barrel to a low of less than $60 a barrel within six years. Currently ...
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