Tag: oil production 2023

Oil prices rose for a third consecutive day on Wednesday after Saudi Arabia submitted a warning to traders thinking of short selling. The Saudis' warning has given rise to expectations that OPEC+ could look to further reduce oil output in an effort to continue...

Oil headed toward its first weekly gain in over a month on Friday amid renewed optimism that the U.S. government will reach an agreement to raise its debt ceiling. West Texas Intermediate—the U.S. benchmark—traded at a little over $72 per barrel, marking a rise...

U.S. oil refiners are aiming to rise to approximately 94% of their oil-producing capacity this quarter, numerous company forecasts and analysts have reported. The current oil production capacity stands at 17.9 million barrels per day. This rise in production is largely driven by expectations of...

According to a new report by International Energy Agency, oil demand will hit a new record this year, resulting in surging prices of crude oil. The IEA’s report predicts that the demand will come close to 102 million barrels per day in 2023, which is...

Oil's recent rally came to a gradual halt on Wednesday as investors await official U.S. inventory data following OPEC+'s decision to impose an unexpected cut in production. West Texas Intermediate, the U.S. benchmark, held steady at around $80 per barrel after closing at its highest...

Oil rallied 8% on Monday, signaling its largest price increase over the past year. This came after the Organization of Petroleum Exporting Countries and its allies, including Russia, made an unexpected production cut. In a move that surprised markets, members of OPEC+ pledged to cut...