Global commodity traders Gunvor and Trafigura anticipate oil prices may range between $60 and $70 per barrel due to sluggish demand from China and persistent global oversupply, executives told a conference
The alliance led by Saudi Arabia and Russia decided to delay by two months, from October 1 to December 1, the implementation of its plan to gradually lift voluntary crude oil production cuts
OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand
The largest U.S. oil company, Exxon Mobil, stated that oil and natural gas “will remain essential” in 2050, despite climate goals and changes in energy demand, due to their increasing use in the industrial sector
Pemex struck a deal with Mexico-based CME Oil and Gas to reactivate the Bacab and Lum fields, mature wells that are part of the massive Ku-Maloob-Zaap complex
The International Energy Agency (IEA) kept its 2024 global oil demand growth forecast unchanged but trimmed its 2025 estimate, citing the impact of a weakened Chinese economy on consumption
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
Industrial output of hydrocarbons and mining in Argentina recorded an 8.2% increase in the first half of the year, according to official sources
Brazilian President Luiz Inácio Lula da Silva reaffirmed his commitment to the energy transition but stated that his country will continue exploiting oil because “the world is not yet prepared” to forgo fossil fuels. “I am in favor of an energy transition, but the reality is that the world is still not ready” to abandon […]
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
