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.
The federal government is planning to revoke unused oil exploration leases that companies were granted but have not been able to carry out any exploration activities on them.
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The EIA reported last week that average daily production in September had remained unchanged from August when it hit the record-high rate of 13.24 million barrels.