Oil news today

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 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, 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, according to Reuters.
• The deal is part of ExxonMobil's efforts to expand its presence in the LNG market.

Oil and Gas Exploration

• Chevron has discovered a significant oil field in the Gulf of Mexico, according to Bloomberg.
• The discovery is estimated to contain up to 200 million barrels of oil.

These are just a few of the latest oil news updates. If you're looking for more information, I'd be happy to help!