Oil lang syne

U.S. crude oil posted its first down year since 2020, shedding 10% in 2023 as worries mounted about the potential for oversupply. The West Texas Intermediate was down 10.73% on the year, and Brent lost 10.32%. Despite ongoing geopolitical risk due to war in the Middle East, the U.S., Brazil and Guyana are all producing crude at record pace, amounting to historic production outside OPEC. The oil-producing bloc and its allies have vowed to cut production by 2.2 million barrels per day in the first quarter of 2024, but questions of demand and supply balance remain. $Occidental Petroleum (OXY.US)$ $Chevron (CVX.US)$ $Exxon Mobil (XOM.US)$