Russia Boosts Production While OPEC+ Considers Deeper Oil Output Cuts

Russia Boosts Production While OPEC+ Considers Deeper Oil Output Cuts

With only 3 days to go until the EU ban on Russian seaborne crude imports gets implemented, Russian oil producers are going against all expectations and have actually ramped up production in recent weeks, according to some accounts. On October 5th, the group of oil producers known as OPEC+ agreed to cut production in November … Read more

Oil Shoots Up On Huge Crude Inventory Draw

Oil Shoots Up On Huge Crude Inventory Draw

Crude oil prices moved further up today after the US Energy Information Administration reported a crude oil inventory decline of 12.6 million barrels for the week to November 25. At 419.1 million barrels, oil inventories are 8 percent below the five-year average for this time of the year. Last week’s inventory move compared with a … Read more

Oil Prices Extend Losses After EIA Inventory Data Release

Oil Prices Extend Losses After EIA Inventory Data Release

Crude oil prices fell today, even after the US Energy Information Administration reported inventories of oil had shed 3.7 million barrels over the week to November 18. This compared with a decline of 5.4 million barrels for the previous week and an estimated draw of 4.8 million barrels reported by the American petroleum Institute for … Read more

Hess: OPEC’s Back In The Driver’s Seat

Hess: OPEC’s Back In The Driver’s Seat

OPEC is “back in the driver’s seat” as the world’s most powerful swing producer, Hess Corp CEO John Hess said on Thursday at a Miami conference. According to Hess, US crude oil production will average 13 million bpd over the next few years, where it will plateau, as investors pressure US oil companies to focus … Read more

Bets On $200 Oil Surge As Traders Eye Extreme Volatility

Bets On 0 Oil Surge As Traders Eye Extreme Volatility

A week ago, the US Energy Information Administration cut its crude oil demand outlook for 2023 by 320,000 bpd, with supply also falling, by 300,000. This week, OPEC also revised down its oil demand forecast for next year by 100,000 bpd, citing economic challenges on the global oil scene. It also warned supply might become … Read more

The Price Cap Era And The Demise Of The Free Energy Market

The Price Cap Era And The Demise Of The Free Energy Market

Price caps are all the rage these days on the energy scene. The European Union is capping the price of gas and the G7 group is trying to cap the price of exported Russian oil. Both amount to direct market intervention of the sort normally associated with authoritarian regimes. Could price caps kill the free … Read more

Russia’s October Oil Production 1.1 Million Bpd Below Quota: Novak

Russia’s October Oil Production 1.1 Million Bpd Below Quota: Novak

Russia’s oil production, excluding condensate, for October came in well below its production quota for the month, at just 9.9 million bpd, Russian Deputy Prime Minister Alexander Novak said on Tuesday, Interfax reported. Russia’s October production is 1.1 million bpd below its quota of 11 million bpd allowed under its quota assigned under the OPEC+ … Read more

3 Factors That Could Drive Oil Prices Higher

3 Factors That Could Drive Oil Prices Higher

US West Texas Intermediate crude oil futures are trading nearly flat after posting a volatile two-sided trade throughout the week. Underpinning prices were concerned over tightening supply that offset the destructive impact of uncertain demand, and the news that the United States will release more crude from its Strategic Petroleum Reserve (SPR). For bullish traders, … Read more

Biden Lays Out 3-Step Plan To Bring Oil Prices Down

Biden Lays Out 3-Step Plan To Bring Oil Prices Down

In a live speech at the White House on Wednesday, US President Joe Biden unveiled what he called three “critical” steps to ensure American energy security as Russia’s war with Ukraine rages on and OPEC+ prepares to cut production in November. Biden said the first critical step would see the Department of Energy (DoE) release … Read more

OPEC+ Cuts Could Lead To Supply Deficit In Oil Markets

OPEC+ Cuts Could Lead To Supply Deficit In Oil Markets

Last week, OPEC+ said it would reduce its oil production target by 2 million barrels daily, with actual cuts of between 1 and 1.1 million bpd. The announcement pushed prices higher. By the end of the week, the resulting oil price rally had run out of steam, and prices were once again sliding on recession … Read more