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Oil Prices Gain 2% on Tightening Supply

Energy / Crude Oil

Argentina’s New President Plans Controversial Economic Overhaul

Jan 04, 2024 at 07:45 | Matthew Smith

In a shocking development, political outsider Javier Milei won Argentina’s November 2023 presidential election, taking 56% of the vote, with leftist opponent Sergio Massa receiving 44%. The television personality and…

Why Oil Prices Will Continue To Lag in 2024

Jan 03, 2024 at 07:56 | Tsvetana Paraskova

Oil prices, which had averaged above $100 per barrel in 2022, were significantly lower in 2023 and averaged just above $80 a barrel—despite another war breaking out in the world.…

Argentina’s New President Is Looking To Shake Up Its Oil Industry

Jan 03, 2024 at 07:32 | Alex Kimani

When Argentine libertarian Javier Milei made his debut into politics in 2020 with a mission to"blow up" the system, few predicted that he would have a chance to do the…

The 11 States Leading America’s Oil Production Boom

Jan 02, 2024 at 07:12 | Robert Rapier

U.S. oil production has increased by 21% over the past five years. According to data from the Energy Information Administration (EIA), earlier this month U.S. oil producers set…

We’re on the Verge of a Reset of Expectations in the Oil Sector

Dec 29, 2023 at 13:42 | David Messler

Despite a late Santa rally in the oilpatch this week, it's probably time to recognize that we are on the verge of a reset of expectations for the oil sector…

Brent Closes The Year Below $80 as Red Sea Tensions Ease

Dec 29, 2023 at 12:31 | Michael Kern

Oil prices recouped some losses on the last trading day of the year with Brent crude set to close well below $80 per barrel.

OPEC’s Influence on Oil Prices To Remain Significant In 2024

Dec 29, 2023 at 08:50 | Irina Slav

At their latest meeting in early December, the Organization of Petroleum Exporting Countries and its partners, led by Russia, agreed to reduce their combined production of crude oil to…

Is It Time To Refill America’s Strategic Petroleum Reserve?

Dec 28, 2023 at 09:41 | Irina Slav

In late 2021, President Biden ordered the release of 50 million barrels of crude from the Strategic Petroleum Reserve to bring down the price of gasoline. Then, in the…

Iraq Forges Ahead On Greater Integration With China

Dec 28, 2023 at 05:25 | Simon Watkins

Given the festive time of year, it is perhaps fitting that senior Iraqi politicians are again pushing for the full activation of the ‘Iraq-China Framework Agreement’, which is akin to…

U.S. Shale Growth Could Exceed Forecasts in 2024

Dec 27, 2023 at 08:47 | Tsvetana Paraskova

U.S. crude oil production has overwhelmingly exceeded earlier forecasts and has grown at a much faster pace this year, offsetting much of the OPEC+ efforts to push up prices by…

Europe Eyes Venezuelan Oil in Diversification Drive

Dec 27, 2023 at 06:56 | Cyril Widdershoven

The recent easing of sanctions between the United States and Venezuela, marked by pivotal legal settlements and new commercial arrangements, represents a significant turning point for the global energy industry.…

U.S. Shatters Oil Production Records in 2023

Dec 22, 2023 at 09:59 | Robert Rapier

The U.S. set a new annual oil production record on December 15, based on data from the Energy Information Administration. Although the official monthly numbers from the EIA…

The Top 5 Oil Producers of 2023

Dec 21, 2023 at 12:13 | Tsvetana Paraskova

Defying earlier expectations of slowing growth, U.S. crude oil production has surged this year to extend America's lead at the top of the ranking of the world's biggest oil producers.  …

Regional Cooperation Key to Curbing Gulf of Guinea Oil Piracy

Dec 21, 2023 at 11:50 | Felicity Bradstock

The Gulf of Guinea has become famous for its piracy crimes over the last two decades, with many ships being invaded by modern-day pirates looking for wealth. Despite repeated attempts…

Oil and Gas Prices Hold Steady Despite Red Sea Turmoil

Dec 21, 2023 at 11:41 | Alex Kimani

Since mid-November, Houthi rebels in Yemen have significantly stepped up attacks on commercial shipping vessels in-transit via the lower Red Sea in retaliation for Israel’s war on Hamas in the…

EIA Reports Significant Build in Oil and Fuel Stocks

Dec 20, 2023 at 09:48 | Irina Slav

Crude oil prices moved lower today after the U.S. Energy Information Administration reported an estimated inventory increase of 2.9 million barrels for the…

Climate and Security Issues Force Oil Majors to Leave Nigeria

Dec 19, 2023 at 13:39 | Alex Kimani

The oil and gas multinational divestment from the Niger Delta that kicked off over a decade has now hit fever pitch.  Hordes of oil and gas majors have exited the…

Red Sea Tensions Threaten to Disrupt Diesel Market Stability

Dec 19, 2023 at 08:49 | Tsvetana Paraskova

Diesel and other distillate inventories are higher now than they were this time last year, suggesting that a tight global diesel market has started to ease, in part due to…

What Does 2024 Hold For China’s Economy And Oil Demand?

Dec 18, 2023 at 10:22 | Simon Watkins

Since the mid-1990s, China has been the key global buyer of multiple commodities needed to power its economic growth. The purpose of this growth was partly to create and enlarge…

Bullish Bets on Oil Fell to Lowest on Record This Week

Dec 15, 2023 at 16:55 | Julianne Geiger

Hedge funds have cut their bullish bets on crude oil to record lows as the market reacts to increasing U.S. inventories and fear that OPEC+ will not fully deliver on…

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