Crude and condensate production in the US climbed to a record 13.1 million b/d in August, surpassing the previous 13.0 million b/d record from November 2019, with EIA reporting a 955,000 b/d year-on-year surge in production from the Lower 48 states, OilPrice said.
That was certainly the case for oil markets this week when it came to interest rate hikes, . After falling for three straight days, oil prices received some much-needed support from federal banks. With neither the Federal Reserve nor the Bank of England hiking interest rates this week, Brent jumped back to $87 per barrel, buoyed by the prospect of hitting peak monetary tightening.
Senators call for US megadeal probe.US Senate Majority Leader Charles Schumer and 22 other Democratic senators called on the US Federal Trade Commission to investigate the Exxon-Pioneer and Chevron-Hess deals, claiming they could lead to higher retail prices for customers.
BP laments US wind sector Is “broken”.After this week’s Orsted mooted write-down of $5.6 billion, the renewables boss of BP said the US offshore wind market is fundamentally broken as power purchase agreements don’t reflect current prices and lack inflationary adjustment mechanisms.
After Europe, US starts to shut zinc plants. Netherlands-based smelting giantNyrstarplans to temporarily close two zinc mines in the US state of Tennessee, a third shutdown of zinc operations in the country in recent months, citing weak prices and the impact of inflation.
Iran boasts of rising production.Iran’s oil minister Javad Owji said the Middle Eastern country has increased its crude production to 3.4 million b/d and expects output to grow further over the upcoming months, marking a 100,000 b/d increase since the minister’s previous estimate in August.
Vitol takes over Uganda oil supply. Uganda’s Energy Minister Ruth Nankabirwa announced the African country would hand over exclusive rights for the supply of all petroleum products to global energy trader Vitol, with 2022 central bank data pegging the deal’s worth at an annual $1.6 billion.
Nigerian refinery readies for 2024 start.Nigeria’s state-owned oil firm NNPC will supply the 650,000 b/d Dangote mega refinery with up to six cargoes of crude in December, to be used in preliminary test runs, as the African country eyes eliminating its dependence on imported fuels.