- Oil prices rallied 3.8% on Tuesday as the Federal Reserve calmed expectations of tighter policy, and oil inventories are expected to show a decline for last week (Bloomberg)
- Fed Chair Jerome Powell tried to reassure markets that the central bank could rein in inflation without damaging the economy
- Oman’s oil minister, a member of OPEC+, said OPEC and its allies don’t want crude prices to climb to $100/Bbl and are reviving production quickly enough to prevent global markets from “overheating”
- U.S. oil output is set to rise to a record level next year as producers increase activity, according to the EIA’s monthly Short-Term Energy Outlook
- Oil supply will average 12.41 MMBbl/d in 2023, according to the EIA
- The current high water mark was 12.3 MMBbl/d set in 2019