HomeTagsOil production 2023

Tag: oil production 2023

Oil Rises as U.S. Output Nears Record Numbers

Oil prices rose on Thursday as higher inventories and record production in the United States provided investors with relief following concerns over disrupted Red Sea shipments. "Oil concerns itself with the state of U.S. production this morning and enters the day less buoyant than...

Diesel Prices Surge Amid Global Shortage

Diesel prices have surged above $140 in the U.S. as global oil refiners struggle to produce enough diesel to meet global demand. In Europe, diesel has surged by 60% over the course of the summer, and Saudi Arabia and Russia's decision to extend their...

Oil Sustains Losses Amid Signs of Supply Rebound

Oil prices remained down on Tuesday as signs of a rebound in supply begin to emerge. West Texas Intermediate futures, the U.S. benchmark, hovered above $80 per barrel after falling 0.7% during the previous trading session. This comes after Saudi Arabia and Russia looked...

Diesel Scarcity Looms Amid Expected Oil Shortage

Diesel is expected to remain in short supply as the northern hemisphere approaches the winter months, thereby raising its demand for heating. This comes as crude oil, the resource from which diesel is produced remains in short supply and relatively steeply priced. While the...

Oil Headed for Largest Monthly Gain Since Early 2022

Oil is on track to record its largest monthly gain since January 2022 as the market continues to tighten following the latest supply cut announced by OPEC+. West Texas Intermediate was trading slightly above $80 per barrel on Monday morning, touching its peak in April...

Oil Hits Three-Month High as Supply Tightens

Oil prices rose to a three-month high on Monday as tighter supplies overshadowed concerns of an upcoming interest rate hike from the Federal Reserve later in the week. West Texas Intermediate surpassed $78 per barrel as the previously-announced oil production cutbacks from OPEC+ began to...