Tag: OIL PRODUCTION

Pemex reaches agreement with drilling company to reactivate Gulf fields

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

IEA trims 2025 oil demand outlook as China offsets global gains

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

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

Lula: The world is not yet prepared to forgo fossil fuels

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 […]

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

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

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

OPEC oil output rises in May, led by Nigeria, Iraq

The Organisation of the Petroleum Exporting Countries pumped 26.63 million barrels per day (bpd) last month, up 145,000 bpd from April, a survey stated