Russia’s oil and gas condensate production fell to 9.42 million barrels per day during May 1 to 19 as a global deal on reducing output took effect

OPEC is encouraged by a rally in oil prices and strong adherence to its latest output cut, its secretary general said, although sources say the group has not ruled out further steps to support the market

During the second day of the XXIX edition of La Jolla Energy Conference 2020, the head of Integra Capital, José Luis Manzano, analyzed the current outlook of the energy industry in Argentina and highlighted the importance of Vaca Muerta

The national government set the local crude oil reference price at u$s45 per barrel, in a bid to protect the country’s hard-hit sector from the impact of the coronavirus pandemic and low global prices

International Energy Agency (IEA) Executive Director Fatih Birol said that recently announced oil output cuts by major Gulf Arab producers would likely not be enough to balance global markets as coronavirus lockdowns hollow out demand

OPEC+ meets next in early June to decide on its output policy. Under the deal, the exporting group is set to scale back the cuts to 7.7 million barrels per day from July until December

The Saudi Arabia energy ministry has directed Aramco to reduce its crude oil production for June by an extra voluntary amount of 1 million barrels per day, on top of the reduction already committed under the OPEC+ deal

Russia’s oil output in the first five days of May fell to 8.75 million barrels per day, close to its production target of 8.5 million daily barrels for May and June under a global deal to cut crude supplies

The Gov’t reaffirmed the need to set a reference price for the local oil barrel in order to facilitate investments in the sector once the coronavirus pandemic comes to an end

The bank raised its second-quarter 2020 Brent price forecast to $25 per barrel from $20 previously, while also slightly raising its full-year forecast for Brent to $35.8 per barrel from $35.2