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Additional phases (III, completed in 2014, and IV, rejected in 2015) have been in construction or discussion since 2011. If completed, the Keystone XL would have added 510,000 barrels (81,000 m 3) per day increasing the total capacity up to 1.1 million barrels (170,000 m 3) per day. [30] The original Keystone Pipeline cost US$5.2 billion.
Oil prices fell 2% on Monday after China’s stimulatory plans failed to impress traders and oil alliance OPEC lowered its demand forecast. West Texas Intermediate closed at $73.83 per barrel ...
Experts are still investigating the cause of the record breaking Keystone Pipeline rupture that released 14,000 barrels of oil in rural northern Kansas last week.
The United States Energy Information Administration projects (as of 2006) world consumption of oil to increase to 98.3 million barrels per day (15.63 × 10 ^ 6 m 3 /d) in 2015 and 118 million barrels per day (18.8 × 10 ^ 6 m 3 /d) in 2030. [57] This would require a more than 35 percent increase in world oil production by 2030.
OPEC and its allies, including Russia, agreed on Sunday to widen crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7% of global demand.
After OPEC and other nations agreed to lower their output target by 2 million barrels per day, the most since 2020, oil reached its highest level in more than a month. Brent finished the first week of October up 11 percent at $97.92 while WTI jumped 17 percent to $92.64. The gains were the most in a week since March. [131]
On Oct. 5, the Organization of the Petroleum Exporting Countries (OPEC) and its oil-producing allies that comprise OPEC+ announced they would be cutting oil production by two million barrels a day...
In October 2022, OPEC+ cut oil production by two million barrels per day. OPEC + claimed it is trying to prevent price volatility, although some analysts believe the goal is to increase oil prices, which had decreased over the previous few months. [ 27 ]