On March 3, 2023, WTI crude oil closed at $63.31 per barrel, up 0.41%, while RBOB gasoline rose 1.38% to $1.94 per gallon. This spike followed a depreciation of the dollar and speculation regarding stalled U.S.-Iran nuclear negotiations.
The geopolitical landscape remains tense, with Iran’s refusal to cease uranium enrichment cited as a potential trigger for U.S. military action, which could disrupt supply routes and affect Iran’s 3.3 million barrels per day oil production. OPEC+ decided to maintain its current production levels through the first quarter of 2026 amidst a global oil surplus, while reports indicated that Venezuelan crude exports rose to 800,000 barrels per day in January, complicating market dynamics.
U.S. crude oil production fell to 13.215 million barrels per day, a 14-month low, as oil inventories declined by 4.2% below the 5-year seasonal average as of January 30, according to the EIA. The active U.S. oil rig count increased by 1 to 412 rigs, remaining just above recent historical lows.
