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Boeing (BA.N) said on November 16 that it will ensure its factories have the capacity to absorb higher production levels before further increasing aircraft output next year, highlighting the aircraft manufacturers cautious strategy after years of production setbacks. The company recently received approval from U.S. regulators to increase monthly production of its 737 aircraft from 38 to 42. Stephanie Popp, head of Boeings commercial aircraft business, said the companys current focus will be on "stabilizing" existing production rhythms before further increases in production.Boeing (BA.N): Before ramping up production again next year, it will ensure that its factories are ready to handle a higher proportion of aircraft production.According to the Financial Times, U.S. Trade Representative Greer is increasingly dissatisfied with the slow progress made by the European Union in reducing tariffs and regulatory barriers.Airbus: We expect the Middle East to need 4,080 passenger aircraft over the next 20 years, including 2,380 single-aisle aircraft and 1,700 wide-body aircraft.November 16th - According to two industry sources and data from the London Stock Exchange Group (LSEG), the port of Novorossiysk in Russia resumed oil loading operations on Sunday after a two-day suspension. LSEG data shows that the Suezmax tanker "Alan" and the Aframax tanker "Rhodes" are currently loading oil at the ports berths. Previously, a Ukrainian drone attack caused the Russian Black Sea port of Novorossiysk to suspend oil exports on Friday, prompting Transneft, the Russian oil pipeline monopoly, to suspend crude oil supplies to the export terminal. The attack damaged two oil berths at the port, temporarily disrupting port operations.

The Oil Market Shrugs Off A Spike in U.S. Inventories And Edges Up

Charlie Brooks

Feb 16, 2023 10:43

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Oil prices rose in early Asian trade on Thursday as the market brushed off a massive increase in U.S. oil inventories and the International Energy Agency upgraded its demand forecast.


By 01:31 GMT, Brent crude prices increased by 26 cents to $85.64 per barrel, whereas U.S. West Texas Intermediate (WTI) crude futures advanced by 34 cents to $78.


The Energy Information Administration (EIA) said that U.S. crude oil inventories increased by 16.3 million barrels last week to reach 471.4 million barrels, the largest level since June 2021. The larger-than-anticipated increase was mostly attributable to a data adjustment, which analysts said mitigated the impact on oil prices. [EIA/S]


The International Energy Agency (IEA) estimated that oil demand will climb by 2 million barrels per day (bpd) in 2023, an increase of 100,000 bpd from last month's estimate, reaching a record 101.9 million bpd, with China accounting for 900,000 bpd of the increase.


Upon easing COVID-19 restrictions, China will account for over half of 2023 oil demand increase, according to the IEA.


The U.S. currency, which normally moves inversely with crude prices, also helped oil.