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Search resuls for: "Walt Chancellor"


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Oil prices were on track to gain for a second straight day on Tuesday after settling up more than a dollar on expectations of tighter supply driven by Russian production cuts and attacks on Russian refineries. Crude oil gained on supply side issues and continued Middle East tensions, according to a note from ANZ analysts. Russia told its oil companies to reduce output to meet an Organization of Petroleum Exporting Countries, or OPEC, target of 9 million barrels per day (bpd). At the same time, Ukrainian attacks on Russian oil refineries have continued. Russia's Kuibyshev refinery had to shut half of its capacity after a fire broke out there on Saturday morning.
Persons: Kuibyshev, Walt Chancellor, Benjamin Netanyahu, Israel's Organizations: ANZ, Petroleum, Macquarie, United Nations Security, Hamas Locations: Brent, Russia, Israel, Red, Gaza, Rafah, U.S
Supply is forecast to grow by 1.5 million barrels per day to a new high of 103.5 million barrels per day, according to the IEA. Demand will grow by 1.2 million barrels daily, down from 2.3 million in 2023, with the post-pandemic recovery over and major economies set to slow. WTI and Brent closed out 2023 down more than 10% and OPEC+ production cuts have so far failed to lift prices. Goldman Sachs, for example, says oil prices could double if there is a prolonged disruption to shipments through the Strait of Hormuz. 'Golden era' Stronger U.S. oil production in 2023 surprised even oil industry CEOs such as Chevron's Wirth and Occidental's Vicki Hollub, they told CNBC in recent interviews.
Persons: Michael Wirth, Wirth, CNBC's Brian Sullivan, Goldman Sachs, Walt Chancellor, Daniel Yergin, Brent, Adi Imsirovic, Imsirovic, Yergin, Bob Yawger, Yawger, Matt Smith, Smith, Chevron's Wirth, Occidental's Vicki Hollub, I'm, Macquarie, Chancellor, Hollub, Organizations: P, Energy Information Agency, Chevron, P Global, CNBC, Economic, West Texas, Center for Strategic, International Studies, OPEC, Bank of America, Oil, International Energy Agency, IEA, Brent, Mizuho, Gulf, Americas, Western Hemisphere Locations: East, U.S, Macquarie, Davos, Switzerland, Canada, United States, United Kingdom, OPEC, Brazil, Guyana, Americas, Europe, Red, Kpler, Iran, Hormuz
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