Will the US crude production recover as fast as refining runs?

Brent prompt future contract reached 65 $/b yesterday, as the Texas energy crisis continues with the 5th day of disruption and a growing concern that oil production could take a longer time to restart than refining runs. On top of that, the American Petroleum Institute reported a large crude draw for the week prior to the cold snap. Following the rapid hike of prices, Indian top oil officials urged OPEC+ to ramp-up production, as the country experiences high petrol prices at the pump. OPEC+ will meet on March 4th and will ramp-up production, with Saudi Arabia likely to ease its voluntary cut given the lost supplies in the US. 

crude-production
Share this news :

You might also read :

ES-power
January 13, 2022

EUAs tracked the bearish energy complex

The surging wind output and strengthening solar and hydro generation weighted further on the Euporean power spot prices yesterday, although the rather strong demand, especially…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Subscribe to our newsletter

Don’t have an account yet? 

[booked-calendar]