Fifty years after the Trans-Alaska Pipeline, U.S. energy independence is threatened by attacks on resource development projects.
Oil markets are now fully focused on the upcoming OPEC+ meeting, with reports that the group may deepen cuts being counteracted by an apparent lack of unity amongst OPEC members on the issue.
First half production from the country’s three main oilfields has declined by 13.2 per cent to 22.45 million barrels (bbls) from 25.86 bbls in the same period last year.
Traders, this week, focused on rising U.S. crude oil inventories, record American oil production, weaker Chinese refinery and economic data.
OPEC+ members are set to meet on Sunday to discuss production policy, and unnamed sources have claimed that the group will be discussing further production cuts.
Oil prices were little changed on Friday but on track for their fourth straight week of losses after tumbling about 5% to a four month-low on Thursday on worries over global demand.
Saudi Arabia’s crude oil exports increased by 170,000 barrels per day (bpd) to 5.75 million bpd in September, data from the Joint Organizations Data Initiative (JODI) showed on Thursday.
OPEC continues to view the oil market fundamentals as strong with Chinese crude imports set to increase to a new annual record in 2023, the cartel said on Monday, describing the most recent negative market sentiment as exaggerated.
OPEC+ still has a positive outlook for growth in oil demand, despite the headwinds faced by the global economy, as it prepares for its next ministerial meeting.
Oil prices have nearly erased all year-to-date gains as shrinking refining margins signal weaker demand for oil.