Posted 12/26/2023, 1:42:00 AM
Oil Prices Pressured by Supply Disruptions and Weak Demand Despite Production Changes
- Oil prices kept range-bound due to supply concerns in Red Sea and prospect of higher 2024 production
-Attacks on ships in Red Sea disrupted shipping, potentially delaying Suez Canal oil deliveries
- Angola left OPEC, expected to raise output in 2024
- U.S. oil production hit record highs in December to fill OPEC output gap
- Oil prices set to lose 8% in 2023 on weak demand outlook, despite OPEC cuts