EIA revises up US oil production forecast for 2023
The Energy Information Administration expects US crude...
The Energy Information Administration expects US crude oil production to rise by 720,000 barrels per day to 12.61 million bpd this year, surpassing earlier projections, while oil demand growth is seen slowing. Additionally, OPEC+ production cuts are anticipated to moderately decrease global oil inventories over the next five quarters, leading to slightly higher oil prices later this year and in early 2024.
Quote: “Look, we don’t need more digital currency. We already have digital currency....
Quote: “Look, we don’t need more digital currency. We already have digital currency. It’s called the US dollar.”
SEC Chair Gary Gensler cemented himself as No. 1 on the crypto industry’s “Most Wanted List” this week…and it’s only Wednesday. Not only did he sue Binance and Coinbase, he went on CNBC to argue that cryptocurrencies and digital tokens don’t have a reason to exist, given that fiat currencies like the US dollar, the yen, and the euro are “all digital right now.” The twist? Gensler taught a course on bitcoin and blockchain at MIT in 2018.
A vital dam exploded in Ukraine yesterday, causing the country’s largest river to flood dozens of downstream communities.
Ukraine and Russia are blaming each other for one of Europe’s biggest human-caused environmental disasters. The destroyed dam was part of the Moscow-controlled Kakhovka hydroelectric station in Southern Ukraine and was critical to harnessing the flow of the Dnipro River in a region partially occupied by Russia.
Nonprofit aims to hire veterans to plug donated wells
A nonprofit in Edmond, Okla., is hoping to hire veterans to help plug abandoned wells donated by oil...
A nonprofit in Edmond, Okla., is hoping to hire veterans to help plug abandoned wells donated by oil and gas companies in the state. "Kind of like someone donates a car to the Salvation Army. They can donate and have a tax write-off, and then we'll have fundraising efforts to plug those wells," said Parker Bowles with Environmental Innovators of America.
Saudi output cut seen pushing US crude exports higher
Analysts expect Saudi Arabia's latest production cut to put a floor under oil prices and lift US crude...
Analysts expect Saudi Arabia's latest production cut to put a floor under oil prices and lift US crude oil exports next month, which in turn will further drain domestic crude inventories. However, exports could be constrained by elevated freight rates, a narrow WTI-Brent differential and uncertainty surrounding Russia's production and exports.
