In 2023, the United States is on track to extract record amounts of oil and gas

The worldwide shift towards cleaner electricity generation is hindered by the challenge of carbon-free energy not keeping pace with the growing demand for electricity.

U.S. oil and gas production is seen as a safe bet and a positive amid geopolitical conflicts and market volatility.

Oil prices rise again as mideast conflict adds risk premium

Oil prices rise again as mideast conflict adds risk premium

The war premium that emerged when Hamas attacked Israel earlier this month is still very much present, with the added bullish news that the U.S. Department of Energy is seeking to buy 6 million barrels of crude for the strategic petroleum reserve.

The International Energy Agency's predictions clash with increasing oil and gas demands. High costs and competition from cheap Chinese imports highlight the financial difficulties in the wind and solar sectors, prompting a reevaluation of Europe's net-zero goals.

Given rising inflation and developing nations' growth, oil's price will return to its inflation adjusted range which in years to come is $200-$300.

The heads of Saudi Aramco and Exxon Mobil Corp. took to the stage at a major industry event Monday

Saudi Arabia and Russia extended their oil production cuts, reducing global supply by 1.3 million barrels and pushing Brent crude prices above $90 a barrel. This could result in higher inflation and gas prices

After a slow first half of the year, oil prices have started recovering, with WTI rallying to around $80/bbl in July, and predictions suggest that prices could rally up to $90/bbl or even $100/bbl.

Brent oil prices surged to over $85 per barrel, breaking out of a previous $75-$80 range

The Department of Energy has canceled its offer to purchase 6 million barrels of crude oil for the strategic petroleum reserve

Experts even predict Brent oil could reach $100 before the end of the year

Goldman Sachs has revised its global oil demand forecast upwards for the year

Analysts anticipate Saudi Arabia extending its voluntary production cuts beyond August if prices don't rise significantly, possibly waiting for prices to reach $90 per barrel.

This move is part of the plan to refill the emergency stockpile after a record release following Russia's invasion of Ukraine last year.

The analysis emphasizes the importance of supply and demand balance, as well as the influence of the strength of the dollar on oil prices.

India’s oil demand will rise 50% by 2030 as against a global expansion of 7%, the International Energy Agency (IEA) has forecast in its latest report.