Commodities Analysis by OilPrice.com (Irina Slav) covering: Exxon Mobil Corp, Crude Oil WTI Futures. Read OilPrice.com (Irina Slav)'s latest article on Investing.com
Rising oil production in the US, Guyana, and Brazil is challenging OPEC's ability to reverse its output cuts.
OPEC is unlikely to reverse any of the production cuts that it approved last year as growing production from non-cartel countries is on the rise, pressuring prices. To date, OPEC cannot afford to bring a single barrel back to the market, especially as it continues dealing with members that do not stay within their quotas. A bigger threat, however, is growing production in the United States, Guyana, and Brazil, according to BP’s Dale.
Oil demand is the crucial factor for production plans, of course, both among OPEC members and non-OPEC producers—and it does not guarantee continuous strong growth. Brazil, for instance, saw its oil output add 13% last year to a record high of over 3.4 million barrels daily. This year, however, production growth has wobbled, and in April, the total fell back to some 3.1 million barrels daily.to 4.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why Falling U.S. Inventories Fail to Lift Oil PricesCommodities Analysis by OilPrice.com (Tsvetana Paraskova) covering: Brent Oil Futures, Crude Oil WTI Futures. Read OilPrice.com (Tsvetana Paraskova)'s latest article on Investing.com
Read more »
Schumer silent on Biden oil purchase after blasting Trump for 'bailout for big oil'Democrats were quiet when the Biden administration announced a purchase of millions of barrels of oil for the strategic reserves despite attacking Trump for trying to do the same.
Read more »
How to Trade Oil: Crude Oil Trading Strategies & TipsHow does oil trading work and what strategies should you follow? Learn how to trade crude oil with our expert guide, including top tips on tracking oil price movements…
Read more »
OPINION: The next president needs Alaska natural gasWith U.S. conventional oil long past its 1970 peak, U.S. Lower 48 shale oil peaking and U.S. and Alaska deep offshore oil limited, U.S. peak oil is close at hand.
Read more »
Tom Brady casually dating Sports Illustrated Swimsuit model Brooks Nader after Irina Shayk flingTom Brady is “casually dating” model Brooks Nader, a source exclusively tells Page Six Wednesday.
Read more »
Oil prices rise as jobless claims fall, market waits for possible Iran strike on IsraelSeveral international airlines have canceled flights to Israel as tensions in the region simmer.
Read more »