Oil & Gas

Oil prices are influenced by multiple factors including OPEC+ production decisions, global demand patterns, geopolitical events, currency fluctuations, and inventory levels. Supply disruptions, economic growth rates, seasonal demand patterns, and refinery capacity also play significant roles in price movements. The balance between supply and demand, along with speculation in futures markets, determines daily price fluctuations.

OPEC+ is an alliance of the Organization of the Petroleum Exporting Countries (OPEC) and other major oil-producing nations like Russia, Mexico, and Kazakhstan. This coalition coordinates oil production levels to manage global supply and stabilize prices. OPEC+ decisions on production cuts or increases can significantly impact global oil prices, as the group controls approximately 40% of world oil production and over 80% of proven oil reserves.

Energy Standard updates oil and gas news continuously throughout the day, aggregating stories from over 40 trusted sources including Reuters, Bloomberg, and industry publications. Major market-moving stories are typically published within minutes of breaking. Our aggregation system monitors news 24/7 to ensure comprehensive coverage of the energy sector.

WTI (West Texas Intermediate) and Brent crude are the two main oil price benchmarks. WTI is primarily produced in the United States and serves as the benchmark for North American oil. Brent crude is extracted from the North Sea and serves as the international benchmark for about two-thirds of global oil pricing. Brent typically trades at a slight premium to WTI due to transportation costs and refinery preferences.

The oil and gas industry is divided into three sectors: Upstream refers to exploration and production (E&P) activities, including finding and extracting oil and gas. Midstream covers transportation and storage through pipelines, tankers, and terminals. Downstream encompasses refining crude oil into finished products like gasoline and petrochemicals, as well as marketing and distribution to end consumers.