Oil news

Here are some recent news updates on the oil industry:

Global Oil Market

• The global oil market is expected to remain oversupplied in 2023, according to the International Energy Agency (IEA). (Source: Reuters)
• OPEC+ has agreed to increase oil production by 400,000 barrels per day (b/d) in January, despite concerns over the impact on the global oil market. (Source: Bloomberg)

Oil Prices

• Brent crude oil prices have fallen to their lowest level in over a year, trading at around $60 per barrel. (Source: CNBC)
• US West Texas Intermediate (WTI) crude oil prices have also fallen, trading at around $55 per barrel. (Source: MarketWatch)

Oil Production

• The United States has become the world's largest oil producer, surpassing Saudi Arabia and Russia. (Source: CNN)
• Iraq has increased its oil production to a record high of 4.6 million barrels per day (b/d). (Source: Reuters)

Oil Refining

• The global oil refining industry is facing a crisis, with many refineries struggling to stay profitable due to low oil prices and increasing competition from alternative fuels. (Source: Bloomberg)
• ExxonMobil has announced plans to shut down its 65-year-old refinery in Baytown, Texas, due to declining demand and increasing competition. (Source: Houston Chronicle)

Oil Exploration

• ExxonMobil has made a significant oil discovery in the Gulf of Mexico, with an estimated 100 million barrels of oil equivalent. (Source: Offshore Magazine)
• Chevron has announced plans to drill for oil in the Arctic National Wildlife Refuge (ANWR) in Alaska. (Source: The Hill)

Oil and Gas Industry

• The oil and gas industry is facing a major talent shortage, with many companies struggling to find skilled workers. (Source: Energy Voice)
• The industry is also facing increasing pressure to reduce its carbon footprint and transition to cleaner energy sources. (Source: The Guardian)