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The Energy Information Administration reported U.S. crude production in March was the highest since November. [110] Then OPEC and other countries agreed to a production increase, but U.S. crude inventories fell, so WTI finished June 2 higher at $116.87, with Brent at $117.61. [111]
October 6: Beginning of fourth Arab-Israeli War. October 7: Iraq nationalizes Exxon and Mobil shares in Basrah Petroleum Company representing 23.75 percent equity in the company. October 8: OPEC meets with oil companies to discuss revision of 1971 Tehran agreement and oil prices. Negotiations fail.
On June 20, Brent reached $85.89, highest since May 1 after U.S. crude inventories fell and a U.S. jobs report made cutting interest rates more likely. [61] Oil finished June up 6 percent, with WTI finishing at $81.54. [62] The next week, Brent reached $87.55, the highest since April, and WTI closed at $83.88, highest in 11 weeks.
Weekly figures from EIA show that domestic crude output has dropped to 10.7 million barrels per day, since reaching 13.1 million in the second week of March.
Lee expects Brent to start falling into the $70 range later this year and into the $60 range in 2025. His prediction comes as oil alliance OPEC+ has said it wants to start phasing out voluntary ...
Crude prices jumped today after the EIA reported a huge draw in crude oil inventories combined with smaller builds in gasoline and distillate stocks
Global strategic petroleum reserves. Global strategic petroleum reserves (GSPR) refer to crude oil inventories (or stockpiles) held by the government of a particular country, as well as private industry, to safeguard the economy and help maintain national security during an energy crisis. Strategic reserves are intended to be used to cover ...
November 16, 2023 at 5:24 PM. Crude oil futures were down as much as 5% on Thursday as concerns of a supply squeeze faded amid rising inventories and fears of a slowdown in the global economy. On ...