RIYADH: Oil prices were little changed on Wednesday amid subdued movements in the dollar, and as investors waited for more inventory data for more clues on demand trends.
Brent crude futures rose by 06 cents to $83.75 a barrel at 08.00 a.m. Saudi time, after gaining 3.3 percent in the previous session.
US West Texas Intermediate crude futures climbed by 19 cents to $77.33, after jumping 4.1 percent in the previous session.
US crude output to rise in 2023, while demand to stay flat: EIA
US crude production will rise in 2023, while demand will stay flat, the US Energy Information Administration said in its Short-Term Energy Outlook on Tuesday.
The EIA projected that crude production will rise to 12.49 million barrels per day in 2023 and 12.65 million bpd in 2024.
The agency also projected petroleum and other liquid fuels consumption would stay flat at 20.3 million bpd in 2023 and rise to 20.6 million bpd in 2024.
BP makes record profit in 2022
BP reported on Tuesday a record profit of $27.6 billion for 2022 and hiked its dividend, but infuriated climate activists by rowing back on plans to slash oil and gas output and reduce carbon emissions by 2030.
The blockbuster profit follows similar reports from rivals Shell, Exxon Mobil and Chevron last week after energy prices surged in the wake of Russia’s invasion of Ukraine, prompting new calls to further tax the sector as households struggle to pay energy bills.
BP’s $4.8 billion fourth-quarter underlying replacement cost profit, its definition of net income, narrowly missed a $5 billion company-provided analyst forecast.
The results were impacted by weaker gas trading activity after an “exceptional” third quarter, higher refinery maintenance and lower oil and gas prices.
But for the year, BP’s $27.6 billion profit exceeded its 2008 record of $26 billion despite a $25 billion write-down of its Russian assets.
That allowed it to boost its dividend by 10 percent to 6.61 cents per share, after halving it in the wake of the pandemic, and announce plans to repurchase $2.75 billion worth of shares over the next three months after buying $11.7 billion in 2022.
(With input from Reuters)