Category: Production

Saudi Arabia makes deep cuts to crude prices for Asia

The world’s top oil exporter, Saudi Arabia, has cut the official selling price (OSP) for all grades of crude it is selling to Asia in February by at least $1 a barrel

OPEC+ agrees oil output increase from February

OPEC+ agreed to stick to its planned increase in oil output for February because it expects the Omicron coronavirus variant to have a short-lived impact on global energy demand

Pemex plans sharp drop in crude exports next year as it ramps up refining

Mexico’s Petroleos Mexicanos mentioned it would drastically cut back deliberate crude exports next year as the state oil firm works to fulfill the federal government’s goal of refining all of its oil domestically

Russia says OPEC+ prioritises mid-term strategy over US calls for more oil

Russian Deputy Prime Minister Alexander Novak said that OPEC+ group of largest oil producers has resisted calls from Washington to boost output because it wants to provide the market with clear guidance and not deviate from policy

Oil firms predict rising output, but warn of higher costs

US oil and gas executives are predicting higher production and drilling activity next year as oil prices climb, but say they face sharply higher costs, according to a poll released by the Federal Reserve Bank of Dallas

Saudi Arabia may set deep crude price cuts for Asia in February

Top oil exporter Saudi Arabia may implement deep price cuts for the crude it sells to Asia in February after Middle East benchmarks and spot prices slumped this month, industry sources said

Brent nears $80 as market shrugs off Omicron

Oil prices extended gains despite the rapid spread of the Omicron coronavirus variant, supported by supply outages and expectations that US inventories fell last week

Oil mixed as halted flights weigh and Omicron optimism supports

US oil fell after airlines cancelled thousands of flights over the Christmas holidays amid surging COVID-19 cases, though Brent crude gained support from hopes that the Omicron variant will have limited impact on global demand

Saudi Arabia’s October crude oil exports hit 18-month high

Saudi Arabia’s crude oil exports in October rose for a sixth straight month to their highest since April 2020, the Joint Organisation Data Initiative (JODI) said

OPEC upbeat on 2022 oil demand, says Omicron impact to be mild

OPEC raised its world oil demand forecast for the first quarter of 2022 but left its full-year growth prediction steady, saying the Omicron coronavirus variant would have a mild impact as the world gets used to dealing with the pandemic