Crude oil news this week

Here are some of the top crude oil news stories from this week:

Market Trends

• Crude oil prices rose this week, with Brent crude up 2.5% to $63.50 per barrel and WTI crude up 2.2% to $59.50 per barrel, according to Reuters.
• The price increase was driven by a decline in US crude oil inventories and a weaker US dollar, which makes oil cheaper for buyers in other currencies.

Supply and Demand

• The International Energy Agency (IEA) reported that global oil demand rose by 1.3 million barrels per day (mb/d) in the first quarter of 2023, driven by strong demand from Asia and the Middle East.
• The IEA also warned that the global oil market is still vulnerable to supply disruptions, citing the ongoing conflict in Ukraine and the potential for further sanctions on Russia.

Production

• The United States Energy Information Administration (EIA) reported that US crude oil production fell by 100,000 barrels per day (b/d) in the week ending March 24, to 12.2 million b/d.
• The decline was due to maintenance and natural decline at some of the country's largest oil fields.

Refining

• The EIA also reported that US refinery utilization rates fell to 85.4% in the week ending March 24, down from 86.3% the previous week.
• The decline was due to planned maintenance at some refineries and a decrease in demand for refined products.

Geopolitics

• The United States and its allies imposed new sanctions on Russia in response to the country's invasion of Ukraine, which could impact Russian oil exports.
• The European Union also announced plans to reduce its dependence on Russian oil and gas, with a goal of cutting imports by two-thirds by 2030.

Other News

• The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed to maintain their current production levels at their meeting in Vienna, Austria.
• The US Federal Reserve raised interest rates by 0.25% this week, which could impact the global economy and oil demand.