Category: Production

BofA forecasts Brent to fall to USD 50 in pessimistic tariff scenario

New U.S. tariffs and an unexpected production increase from OPEC+ could trigger what the Bank of America called a “negative commodity demand shock”

Russian order slashes Kazakh oil export capacity amid OPEC+ row

Russia has ordered the Black Sea terminal handling Kazakhstan’s oil exports pumped by U.S. majors Chevron and Exxon Mobil to close two of its three moorings amid a standoff between Kazakhstan and OPEC+ over excess production

OPEC+ likely to proceed with planned May oil output hike

by 135,000 barrels per day in May.

That would be the second monthly increase under a plan to unwind some of the millions of barrels per day of cuts the group has had in place since 2022

US crude stockpiles fall as refining continues to rise, EIA says

U.S. crude oil inventories fell last week as refiners continued to ramp up production, while gasoline and distillate stockpiles also dropped, the Energy Information Administration said

Russian exports from western ports would increase by 5%

Daily shipments of Russian crude oil from its western ports are expected to increase by about 100,000 barrels per day (bpd) to 1.97 million bpd in April compared to March

OPEC+ issues new plan for cuts to compensate for overproduction

The plan will represent monthly cuts of between 189,000 barrels per day and 435,000 bpd, according to a table on OPEC’s web site. The scheduled cuts last until June 2026

EIA: US crude oil inventories rise while gasoline falls

According to a survey, crude oil inventories increased by 1.75 million barrels last week to 437 million barrels, compared with analysts’ expectations of a 0.5 million barrel increase

Oil prices tick up on US attack on Houthis, China economic hopes

Oil prices rose slightly after the United States vowed to keep attacking Yemen’s Houthis until the Iran-aligned group ends its assaults on shipping, while Chinese economic data buoyed hopes for higher demand

IEA revises down 2024 oil consumption figures

The International Energy Agency (IEA) has revised its 2024 oil consumption figures and demand expectations for 2025 due to uncertainty caused by U.S. tariff announcements

OPEC says Kazakhstan leads OPEC+ output increase and maintains demand forecast

The Organization of the Petroleum Exporting Countries (OPEC) reported on Wednesday that Kazakhstan led a significant increase in production in February by OPEC+, highlighting the challenge the group faces in meeting agreed production targets