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Feb 16, 2022 · Demand for oil plunged in 2020 during the pandemic when lockdowns led the price to fall below zero first time in history due to a major downturn in economic activity. Oil prices have since risen sharply to nearly $100 per barrel following strong economic recovery post-lockdowns.
- 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
Nov 5, 2024 · Still, the days of oil companies being compared to broken cash machines, is likely coming to end. Oil prices are sliding and many experts are predicting the value of oil could fall further over ...
Want to know why the price of oil is falling, what it means for stock markets and what could be next for the oil price in 2024? Find out now.
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 prices...
Jul 23, 2024 · Discover how OPEC, demand and supply, natural disasters, production costs, and political instability are some of the major causes in oil price fluctuation.
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Apr 30, 2023 · When oil prices rise, costs for production and transportation rise, which decreases supply at a given price. If oil prices fall, production and transportation costs fall, so...
