Category: Production

OPEC cuts oil demand growth forecast

In a monthly report, the OPEC said world oil demand will rise by 2.11 million barrels per day in 2024, down from growth of 2.25 million bpd expected last month

Argentina: Mining and hydrocarbon output grows by 8.2% in first semester

Industrial output of hydrocarbons and mining in Argentina recorded an 8.2% increase in the first half of the year, according to official sources

Argentina authorizes first gas shipments from Vaca Muerta to Brazil

The Argentine government authorized Total Austral, a subsidiary of the French group TotalEnergies, to sell up to one million cubic meters of gas per day to Matrix Energy Participacoes

Russia’s Novak says no friction with OPEC+ over exceeding production quotas

Russian President Vladimir Putin’s oil point man said that there was no friction with OPEC+ due to Russia exceeding crude production quotas and that the world’s second largest oil exporter would compensate for its overpumping

Rise in oil demand slows due to decline in Chinese consumption

Global demand increased by 710,000 bpd in the second quarter, the smallest quarterly increase in more than a year, according to the IEA’s monthly oil report

EIA estimates U.S. oil production will grow more than expected

U.S. oil production will increase by 320,000 barrels per day (bpd) this year, reaching 13.25 million bpd, a record slightly higher than previously forecast, the U.S. Energy Information Administration (EIA) reported

Golar LNG signs agreement to provide floating LNG Vessel for 20 years

Golar LNG, based in Hamilton, Bermuda, said it partnered with Pan American Energy to deploy a floating liquefied natural gas (FLNG) vessel for 20 years to export from Argentina

Brazil strengthens its position as a crude oil supplier to Spain

Brazil continues to gain prominence among crude oil suppliers to Spain, after its sales tripled in May alone, making it the second-largest supplier this year, behind the United States

OPEC oil output rises for second month in June

The Organization of the Petroleum Exporting Countries pumped 26.70 million barrels per day (bpd) last month, up 70,000 bpd from May, according to a survey