West Texas Intermediate gained about 0.1% to settle near $62 a barrel, narrowly extending a winning streak to a third day. OPEC and its allies including Russia decided over the weekend on a 137,000-bpd hike, while Saudi Arabia kept the price of its main grade to Asia steady in a sign of caution, surprising traders who had expected a bump.
U.S. crude oil production averaged 13.6 million bpd in July, the highest monthly level on record and above earlier estimates. The EIA now forecasts production will average 13.5 million bpd in both 2025 and 2026, modestly higher than its September forecast, as U.S. producers sustain near-record activity levels despite softening prices.
The find, with a potential 70% recovery rate, could add 198 bcm (7 tcf) to Iran’s producible reserves and help offset domestic gas imbalances during high-demand months.
Reconnaissance Energy Africa Ltd. (ReconAfrica) reports that drilling operations are progressing on schedule at the Kavango West 1X exploration well in Namibia’s Damara Fold Belt. The company has set its final casing string at a depth of approximately 2,300 m, just above the targeted Otavi carbonate reservoir, and is now drilling ahead into the primary objective.
Saudi Arabia left the official selling price of its crude oil selling in Asia in November unchanged from the October prices as OPEC+ continues to lift production amid a market concerned about an imminent oversupply.
Since the Russian invasion of Ukraine, India has relied on the discounted Russian crude banned in the West to reduce its crude import bill. Indian refiners have significantly increased their purchases of Russian crude, making India the second-largest buyer of Russia’s oil, behind only China.
Iran claims a new natural gas discovery would add an estimated 10 trillion cubic feet to its gas reserves and could help offset an expected energy imbalance.
Europa Oil & Gas (Holdings) PLC has received a 12-month extension to the initial two-year term of the EG-08 exploration block from Equatorial Guinea’s hydrocarbons and mining development minister.
North America’s total rig count remained unchanged week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on October 3.
Shippers were notified to have vessels ready as soon as early October to early November, according to the people, who asked not to be identified because the information is not public.