Oil news reuters

Here are the latest oil news updates from Reuters:

Crude Oil Prices

• Brent crude oil futures rose 1.1% to $63.44 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 1.2% to $59.44 per barrel.
• The price increase was driven by a decline in U.S. crude oil inventories and a weaker dollar.

OPEC and Russia

• OPEC and its allies, including Russia, are set to meet on July 1 to discuss extending their production cuts beyond March 2022.
• The group has been cutting output by 1.2 million barrels per day (bpd) since January 2020 to support the market.

U.S. Oil Production

• U.S. crude oil production is expected to rise to a record 12.3 million bpd in 2022, according to the Energy Information Administration (EIA).
• The EIA also forecast that U.S. oil production will continue to grow, reaching 13.4 million bpd by 2025.

Oil Demand

• Global oil demand is expected to recover to pre-pandemic levels by the end of 2022, according to the International Energy Agency (IEA).
• The IEA also forecast that oil demand will continue to grow, reaching 104.4 million bpd by 2025.

Oil Refining

• The global oil refining industry is facing a shortage of skilled workers, which could lead to reduced refining capacity and higher costs.
• The shortage is particularly acute in the United States, where many refineries are aging and in need of maintenance.

Oil and Gas Mergers

• ExxonMobil and Chevron are in talks to merge their natural gas businesses, according to sources.
• The deal would create one of the largest natural gas companies in the world and could help the companies reduce costs and increase efficiency.

Oil and Gas Exploration

• ExxonMobil has discovered a significant oil field off the coast of Guyana, which could hold up to 750 million barrels of oil.
• The discovery is a major boost for Guyana's oil industry, which is expected to become a major player in the global oil market.