(WO) –Jadestone Energy plc, an independent upstream oil and gas production company focused on the Asia-Pacific region, announced that the final well in the company’s 2023 East Belumut drilling campaign offshore Peninsular Malaysia has now been completed. The overall program has delivered results significantly ahead of expectations.
Reuters: OPEC’s crude oil production dropped in November for the first monthly decline since July.
OPEC produced 27.81 million barrels per day of crude last month, a drop of 90,000 bpd compared to October.
In November, Iran, which is exempted from the OPEC+ cuts, further increased its output to a five-year high, according to the Reuters survey.
U.S. manufacturing activity has declined for the 13th consecutive month.
Surprisingly, diesel demand has not followed a similar trajectory as the manufacturing sector.
With experts predicting that the manufacturing downturn may be drawing to a close, it will be interesting to see how the energy markets respond with diesel stocks already severely depleted.
The International Energy Agency said in its recent oil report that oil consumption is close to peaking, thanks to transition efforts and energy efficiency gains.
Saudi Arabia reduced the official selling price of its flagship crude by $0.50 per barrel for Asian buyers in January.
This is the first price reduction in seven months, although it is a smaller reduction than analysts had expected.
The move was in response to intensified international competition after OPEC production cuts pushed Middle Eastern oil prices higher.
Macroeconomic factors continue to weigh on oil prices this week, despite the insistence of OPEC+ members that the group’s production cuts will tighten the oil market.
Novak: “The timely actions of OPEC+, thanks to which about 2.2 million barrels per day will be held off the market in the first quarter of next year, will allow the period of low demand to pass painlessly in the first quarter of 2024,”.
With funding from the National Academies of Sciences, Engineering, and Medicine, the Argonne National Laboratory will explore using a method known for analyzing nuclear systems to enhance safety in offshore oil and gas operations in the Gulf of Mexico.
President Nicolas Maduro announced annexation of Essequibo and mobilized army at the border
COP28 president Sultan Ahmed Al Jaber speaks during a meeting at the United Nations climate summit in Dubai on December 2, 2023. The COP28 conference opened on December 1 with an early victory as nations agreed to launch a “loss and damage” fund for vulnerable countries devastated by natural disasters.