Category: Production

OPEC+ sticks to policy, avoids Sept oil output debate

OPEC+ said it would stick to its planned oil output hikes in August but avoided discussing policy from September onwards as prices have risen on tight global supplies and worries that the group has little ability to pump more crude

OPEC+ meets with little prospect of pumping more oil

At its last gathering in early June, OPEC+ decided to raise output each month by 648,000 barrels per day (bpd) in July and August, compared with a previous plan to add 432,000 bpd over three months

Schlumberger sees global oil exploration and production accelerating

Schlumberger is looking at the offshore oil sector as a major driver of growth, Le Peuch said. He pointed to an expected 50% increase in offshore investment over the next four years, compared with the period from 2016 to 2019

Global oil demand set to rise 2% to new high in 2023

World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said, although sky-high oil prices and weakening economic forecasts dimmed the future outlook

OPEC Keeps Forecast for 2022 Oil Demand to Exceed Pre-Pandemic Levels

OPEC has stuck with its forecast that world oil demand will exceed pre-pandemic levels in 2022, although the producer group said Russia’s invasion of Ukraine and developments around the coronavirus pandemic pose a considerable risk

OPEC+ efforts to boost oil output ‘not encouraging’

Efforts by OPEC+ oil producers to boost output are “not encouraging”, UAE energy minister Suhail al-Mazrouei said, noting the group was currently 2.6 million barrels per day short of its target

U.S. crude, distillate inventories rise

U.S. crude stocks and distillate inventories rose while gasoline inventories fell, the Energy Information Administration said

US to let Eni, Repsol ship Venezuela oil to Europe for debt

The two European energy companies, which have joint ventures with Venezuelan state-run oil company PDVSA, can count the crude cargoes toward unpaid debts and late dividends

Saudi Arabia hikes July crude prices surprisingly high for Asia buyers

Saudi Arabia, the world’s top oil exporter, raised July crude oil prices for Asian buyers to higher-than-expected levels amid concerns about tight supply and expectations of strong demand in summer

Russia’s Novak warns of oil shortage in Europe due to import ban

An EU embargo on oil imports from Russia could result in significant shortages of oil and oil products in Europe, Russian Deputy Prime Minister Alexander Novak said, calling cooperation with OPEC+ “effective”