From OilPrice.com
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Global Oil Production Dropped by 1.2 Million Bpd in February
The world’s crude oil production fell by 1.2 million barrels per day bpd in February compared to the same month last year as steep output declines in Saudi Arabia and Iraq were partially offset by a large annual production gain in the United States, the latest data by the Joint Organizations Data Initiative JODI showed on Wednesday. Compared to January 2024, global crude oil production jumped by 473,000 bpd in February as U.S. oil production rebounded following shut-ins due to bad weather...
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Traders Bet on $100 Oil at Record Pace
Traders flocked to the crude oil options market last week, trading record numbers of call options that Brent would hit $100 per barrel in the coming months, data compiled by Bloomberg showed on Monday. As tensions in the Middle East escalated earlier this month, traders moved to the options market, betting on higher oil prices as a hedge against spiking futures prices. The call options give traders the right—but not the obligation—to buy assets at a certain price, the so-called strike price, by...