Friday, December 20, 2024
Global oil demand set to rise 2% to new high in 2023, says IEA- oil and gas 360

Global oil demand set to rise 2% to new high in 2023, says IEA

BOE Report World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook. The Paris-based IEA also said in its monthly report supply was being constrained because of sanctions on Russia

Biden tells oil companies in letter ‘well above normal’ refinery profit margins are ‘not acceptable’- oil and gas 360

Biden tells oil companies in letter ‘well above normal’ refinery profit margins are ‘not acceptable’

CNBC President Joe Biden on Wednesday called on U.S. oil refining companies to produce more, saying they need to help alleviate the burden of high prices on consumers.   “At a time of war – historically high refinery profit margins being passed directly onto American families are not acceptable,” the president said in a letter to oil companies including Exxon Mobil and Chevron.

U.S. crude oil inventories increase by 0.5 million barrels- oil and gas 360

U.S. crude oil inventories increase by 2.0 million barrels

Weekly Crude Oil Storage as of June 10, 2022   U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.0 million barrels from the previous week.  At 418.7 million barrels, U.S. crude oil inventories are about 14% below the five year average for this time of year, according to the EIA crude oil and petroleum