- Oil is trading higher by nearly $2, extending gains from last week
- Attacks on shipping vessels have continued in the Red Sea, prompting the US to seek the creation of a multinational effort to defend trade in the region
- BP has stopped shipping cargoes through the Red Sea
- The Transmountain pipeline expansion could face additional delays, with the pipeline’s developers saying that an additional two-year delay is possible
- Attacks on shipping vessels have continued in the Red Sea, prompting the US to seek the creation of a multinational effort to defend trade in the region
- US production surge poses a threat to OPEC (BBG)
- US oil production has reached a record high this year as OPEC attempts to curb supply and support prices
- Last year, the EIA forecasted US production to grow to 12.5 MMBbl/d; however, that estimate has been increased to 13.3 MMBbl/d
- US supply growth may slow in 2024, as annual growth in industry spending is estimated to be 2%, down from 19% this year, according to Evercore ISI