Brazil has authorized controversial offshore oil exploration near the Amazon, less than a month before it hosts the U.N. climate summit (COP30), where it aims to present itself as a leader in environmental preservation
The governor of Neuquén authorized Pluspetrol to cede to GeoPark 100 % of its stake in the exploitation concession at Puesto Silva Oeste and in the natural gas transport concession from Puesto Silva Oeste to Neuba II
The International Energy Agency estimates that the oil production surplus, given the rapid increase in crude entering the market from OPEC+ and a slowdown in demand growth, has averaged 1.9 million barrels per day since the beginning of the year
The OPEC+ alliance, led by Saudi Arabia and Russia, has agreed to a new increase in crude oil production for November of 137,000 barrels per day, marking its eighth consecutive monthly increase
Spanish oil company Repsol has begun producing oil in the Leon-Castile basin in the state of Louisiana, strengthening its footprint in the United States, a key region in its 2024–2027 strategic plan
Russia has lowered its gas production and export forecasts while raising oil export projections for 2025, as the fallout from the war in Ukraine and strained relations with the West continue to weigh on its energy sector
Governments worldwide plan to produce 120% more fossil fuels by 2030 than the level consistent with limiting global warming to 1.5 degrees Celsius, as outlined in the Paris Agreement
In its monthly oil market report, the IEA estimated that global inventories will rise by an average of 2.5 million barrels per day (bpd) in the second half of the year as supply far outpaces demand
OPEC made no changes to its relatively high global oil demand growth forecasts for this year and next, and said the world economy was maintaining a solid growth trend in the second half of this year
All production from any new future developments in Argentina’s Vaca Muerta shale basin will be directed to exports, the CEO of state-controlled oil company YPF said
