Global oil markets are in a tough spot as recession fears and worries about supply push the sector into “walking a tightrope,” an International Energy Agency (IEA) report warned. Though a “resilient Russian supply” and weaker-than-expected oil demand growth in advanced economies have “loosened headline balances,” price tensions persist and refinery margins remain extreme, said…
OPEC Expects to Increase Oil Output by 1 Million Barrels per Day in 2023
OPEC expects to increase oil output in 2023 by nearly 1 million barrels per day due to rising global demand. “In 2023, expectations for healthy global economic growth amidst improvements in geopolitical developments, combined with expected improvements in the containment of COVID-19 in China, are expected to boost consumption of oil,” the organization said in its monthly…
Oil Markets Weighing OPEC’s Ability to Compensate Russian Supply, Washington Might Remove Restrictions on Venezuelan Oil
The price of oil has dropped significantly in the two days since hitting its highest price level in over a decade on March 7, and is currently trading in an unpredictable manner as markets weigh in on the ability of the Organization of Petroleum Exporting Countries (OPEC) to fill the supply gap created by the…
US Gas Prices Remain at High Levels Buoyed by Global Tensions
Gas prices in the United States are edging towards multi-year record levels, pushing up prices of daily essentials and eroding the quality of life of Americans along the way. Multiple factors such as the Russia-Ukraine crisis and OPEC production are contributing to the rise in prices. According to the American Automobile Association (AAA), the average…
Energy Department Approves Release of 2 Million Barrels of Crude to Exxon
The U.S. Department of Energy has approved the release of two million barrels of crude oil to ExxonMobil from the Strategic Petroleum Reserve (SPR) on Dec. 30, as part of the initiative undertaken in November by the federal government to lower gasoline prices in the country. This is the third exchange of crude oil with…
Schumer Encourages Biden to Tap Petroleum Reserves to Control Surging Fuel Prices
Senate Majority Leader Chuck Schumer (D-N.Y.) urged the Biden administration on Sunday to make use of the Strategic Petroleum Reserve in order to curb increasing gasoline prices as Americans enter the holiday season. “COVID’s wreaked havoc on our supply chains. No industry is spared but fuel, gasoline is the worst of all. When fuel is…
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