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Larger-than-expected supplies
- Still, oil prices have tumbled sharply over the past three weeks. Hedge fund manager Pierre Andurand pointed to larger-than-expected supplies — citing high production in the US and Iran — as the catalyst for crude’s recent retreat.
www.rigzone.com/news/wire/oil_edges_up_recovering_from_overdone_price_drop-09-nov-2023-174653-article/
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Aug 10, 2022 · Oil prices have tumbled over the last two months, with Brent and WTI crude down more than 20% since June. The three Rs help explain why: recession fears, resilient Russian production,...
- Harry Robertson
- 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
Apr 9, 2024 · 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...
Jan 7, 2014 · Crude prices fell last week, negative for energy producers in the short run. WTI crude oil prices finished at $93.96 per barrel.
Oil prices have since risen sharply to nearly $100 per barrel following strong economic recovery post-lockdowns. As the economy grows so does the demand for oil. Moreover, rising geopolitical tensions between Russia and Ukraine and in the Middle East are stoking supply fears.
Aug 30, 2021 · Discover how OPEC, demand and supply, natural disasters, production costs, and political instability are some of the major causes in oil price fluctuation.
Dec 12, 2023 · Analysts say there are a number of factors at play here, namely geopolitical instability, fears of a global recession and hesitation around whether there will be follow through on oil output...
