Oil news now

Here are the latest oil news updates:

Crude Oil Prices

• Brent crude oil prices rose 1.4% to $63.44 per barrel, while WTI crude oil prices increased 1.3% to $58.44 per barrel, according to Reuters.
• The price increase was driven by a decline in US crude oil inventories and a weaker US dollar.

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 levels, which have been in place since January.

US Oil Production

• US crude oil production rose to 12.2 million barrels per day (mb/d) in January, according to the Energy Information Administration (EIA).
• This is the highest level of US oil production on record, surpassing the previous record of 12.1 mb/d set in December.

Oil Demand

• Global oil demand is expected to rise by 1.2 million barrels per day (mb/d) in 2023, according to the International Energy Agency (IEA).
• The IEA also expects oil demand to continue to grow in the long term, driven by increasing demand from emerging markets.

Oil Refining

• The US oil refining industry is expected to face challenges in the coming years, including declining refining margins and increasing competition from foreign refiners, according to a report by the Energy Information Administration (EIA).
• The report also notes that the US refining industry is expected to continue to shift towards more complex refining configurations, such as those that can process heavy crude oil.

Oil and Gas Mergers and Acquisitions

• 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.