Latest oil news today
Here are the latest oil news updates for today:
Crude Oil Prices
- Brent crude oil prices rose 1.2% to $63.45 per barrel, while WTI crude oil prices increased 1.1% to $58.45 per barrel, according to Reuters.
- The price gains were driven by a decline in US crude oil inventories and a weaker US dollar, which makes oil more attractive to investors.
OPEC and Russia
- OPEC and its allies, including Russia, are set to meet on March 5-6 to discuss oil production levels, according to Bloomberg.
- The group is expected to maintain its current production cuts, which have been in place since January, to support the global oil market.
US Oil Production
- US crude oil production is expected to reach a record high of 13.3 million barrels per day (mb/d) in 2023, according to the Energy Information Administration (EIA).
- The EIA also forecasts that US oil production will continue to rise, reaching 14.1 mb/d by 2025.
Oil Demand
- Global oil demand is expected to rise by 1.2 million barrels per day (mb/d) in 2023, driven by growth in emerging markets, according to the International Energy Agency (IEA).
- The IEA also forecasts that oil demand will continue to grow, reaching 104.4 mb/d by 2025.
Oil Refining
- The US oil refining industry is facing challenges due to a lack of investment in new refining capacity, according to a report by the American Petroleum Institute (API).
- The API is calling for increased investment in refining capacity to meet growing demand for petroleum products.
Oil and Gas Mergers
- ExxonMobil has agreed to acquire a 25% stake in a liquefied natural gas (LNG) project in Mozambique from Eni, according to Reuters.
- The deal is valued at $2.5 billion and is expected to be completed in the second half of 2023.
Oil and Gas Exploration
- BP has discovered a significant oil field in the Gulf of Mexico, according to a report by the Wall Street Journal.
- The discovery is estimated to contain up to 200 million barrels of oil and is expected to be developed in the coming years.
These are just some of the latest oil news updates for today. If you're looking for more information, I can provide you with additional resources or updates throughout the day.