The EIA reported last week that average daily production in September had remained unchanged from August when it hit the record-high rate of 13.24 million barrels.
SINGAPORE, Dec 5 (Reuters) – Oil prices held steady on Tuesday amid uncertainty over voluntary output cuts by OPEC+ and as continued tension in the Middle East spurred supply concern.
Brent crude futures LCOc1 edged up 13 cents to $78.16 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures CLc1 were up 18 cents at $73.22 a barrel.
he only price-swing element in the OPEC+ oil supply cuts was a collective reduction of 696,000 bpd of crude oil from other members besides Saudi and Russian output cut rollovers.
Part of the reason oil prices went lower rather than higher last week despite the OPEC+ announcement was the suspicion that some of the cuts will remain so only on paper.
The market’s reaction to the OPEC+ voluntary cuts announcement was a further decline in oil prices.
Brent crude futures were down 0.9%, or 73 cents, to US$78.15 a barrel by 0735 GMT, while U.S. West Texas Intermediate crude futures were at US$73.43 a barrel, down 0.8%, or 64 cents
A recent investigation by the Centre for Climate Reporting and Channel 4 News showed Saudi officials saying they were trying to artificially increase oil demand in some markets
The total number of active drilling rigs in the United States rose by 3 this week after rising by 4 last week, according to new data that Baker Hughes published Friday.
OPEC+ through its cuts has the oil market set up for a small deficit in Q1 2024
Opec has hit back at the latest research on transition in the oil and gas sector released by the International Energy Agency (IEA), claiming the report aims to “vilify” the industry while ignoring the quest to secure energy supplies for global economies.