**Crude Oil Prices Rise Amid Supply Threats**
As of September 2023, West Texas Intermediate (WTI) crude oil saw a significant increase of $1.65, or 1.97%, due to rising concerns about global supply disruptions, particularly in the Strait of Hormuz and Red Sea. Threats from Houthi leader Abdulmalik al-Houthi regarding potential escalations involving Saudi Arabia are adding to market tensions. September RBOB gasoline, however, experienced a slight decline of $0.0103, or 0.33%.
Key data show that Russian crude production fell to 8.928 million barrels per day (bpd) in June, the lowest in 2.5 years, amidst intensified attacks on Russian oil infrastructure by Ukrainian forces. Despite these setbacks, Russian crude exports averaged over 4 million bpd as of late July, the highest since the Ukraine invasion in 2022. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) anticipates pausing future production hikes following a planned increase of 188,000 bpd in September. In the U.S., crude oil inventories are currently 6.4% below the seasonal five-year average, with production remaining steady at 13.796 million bpd.
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