Category: Production

Saudi pledges big oil cuts in July as OPEC+ extends deal into 2024

Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices

OPEC oil output falls 460,000 barrels per day in May

OPEC oil output fell in May after Saudi Arabia and other members of the OPEC+ alliance made voluntary output cuts to support the market, a Reuters survey stated, although increases elsewhere in the group limited the decline

Russia’s Sakhalin-1 oil output back at peak 200,000 bpd, ONGC says

India’s state-run Oil and Natural Gas Corp ONGC.NS said oil output from the Sakhalin-1 project in Russia has bounced back to its plateau level of about 200,000 barrels per day (bpd) from zero, according to a company presentation

Russia leaning towards leaving oil output unchanged ahead of OPEC+ meeting

Russia is leaning towards leaving oil production volumes unchanged ahead of an OPEC+ policy meeting on June 4 because Moscow is content with current prices and output

Russia considers gasoline export ban

The Russian government is considering a possible gasoline export ban to prevent domestic fuel shortages and price increases after a decision to reduce subsidies for refineries

Lula doubts Petrobras oil project in Amazon would hurt environment

Brazilian President Luiz Inacio Lula da Silva said he finds it “difficult” to believe that oil exploration in the Amazon basin would cause environmental damage to the region’s rainforest, the largest in the world

OPEC chief says underinvestment in oil, gas sector could trigger market volatility

OPEC Secretary General Haitham Al Ghais said that underinvesting in the oil and gas sector could cause market volatility in the long term and imperil growth

US, UK, others seek to target illicit oil shipping transfers at sea

The US, UK, Denmark and others have warned about the booming practice of unregulated ship-to-ship oil transfers at sea, which increase the risk of pollution

Russia’s Putin: situation on oil market is stable

Speaking at a televised government meeting, he also said that Russia had been cutting oil production and it was at the “required level”

Iraq does not expect OPEC+ to make further cuts at June meeting

Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, its oil minister Hayan Abdel-Ghani said, in the first indication from an OPEC minister about a potential decision as oil prices slide