OPEC said it remains cautiously optimistic about the fundamentals of the oil market for 2024 and blamed ‘exaggerated concerns’ about demand for the recent price drop, while sticking to its relatively high prediction of crude consumption for next year
OPEC’s oil production fell in November, marking the first monthly decline since July, according to a Reuters survey, due to lower shipments from Nigeria and Iraq amid ongoing cuts by Saudi Arabia and other members
The oil production cuts by OPEC+ can “absolutely” continue beyond the first quarter of 2024 if necessary, said Saudi Energy Minister, Prince Abdulaziz bin Salman
OPEC+ members reached an agreement to voluntarily cut their oil production by around 2.2 million barrels per day (bpd) at the beginning of next year, led by Saudi Arabia, which will extend its current voluntary reduction
The OPEC share in Indian oil imports in October reached a 10-month high as refineries purchased more crude from Saudi Arabia and the United Arab Emirates after discounts were reduced for Russian crude that month, according to trade data
Russia’s energy ministry said it expects the country’s exports of crude oil and petroleum products to fall in November by more than 300,000 barrels per day (bpd), compared to the average level in May-June
BP reported third-quarter earnings of $3.3 billion, missing analysts’ forecasts due to weak gas trading results while the firm wrote down a large chunk of a U.S. offshore wind project
U.S. field production of crude oil rose to a new monthly record in August at 13.05 million barrels per day, the Energy Information Administration said
Argentina achieved a record oil production in September, thanks to the boost from the massive unconventional hydrocarbon formation of Vaca Muerta in the southwest of the country, according to official sources
The International Energy Agency (IEA) sees the current level of oil storage in member states sufficient to take action if required to stabilise oil markets, and sees no need to increase strategic reserve requirements
