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New Permian wells delivering high output at 433,000 barrels per day
Exploration and development spending last year saw a 28 percent increase to $93.1 billion
Fed rate cut likely as inflation continues to decline
This procurement is part of a series of contracts aimed at refilling the nation's emergency oil stockpile
With the addition of PetroChina, the charter's signatories now represent more than 42 percent of global oil production
The IEA has forecast an oil demand growth of 970,000 barrels per day (bpd) in 2024
Russia reduced forecasts for additional oil and gas revenues by 767 billion roubles to 1.05 trillion roubles
Gasoline product supplied last week was 8.9 million bpd, up slightly from the previous week
The unexpected decrease in U.S. inventories, as indicated by industry data, provided some support to crude prices
Investors fueled the increase as they continued to assess geopolitical concerns in the Middle East
Brent crude futures declined to $86.62 per barrel, WTI crude futures dropping to $82.51 per barrel
Brent futures rose by $2.63, reaching $89.74 per barrel
Venezuela's oil exports had grown 12 percent in 2023 to 700,000 bpd after the easing of some U.S. sanctions
Brent oil futures fell 0.1 percent to $89.89 per barrel
Brent crude futures for June delivery gained 48 cents, or 0.5 percent, settling at $90.58 per barrel
