For the second month running, the leading OPEC producer, Saudi Arabia, has extended its voluntary 1M bbl/day oil production cut for another month, this time till August.
Crude oil prices moved modestly higher on the morning of the 4th of July following the news that Saudi Arabia would extend its voluntary oil production cuts through August.
Spending on exploration is growing as oil majors are now putting the security of oil and gas supply and higher upstream profits ahead of investment in lower-return low-carbon energy solutions.
Something odd is happening in the oil market. Despite news that Saudi Arabia would extend its voluntary production cuts for another month and possibly beyond, and despite Russia saying it would reduce exports by half a million barrels daily, prices are falling.
Challenger Energy Group has officially been awarded the licence for the offshore AREA OFF-3 block in Uruguay, the oil independent announced on Monday.
ADNOC Gas has signed a USD 1.34-billion contract with Petrofac and its partners for expansion of its pipeline network in the UAE, the Emirati state-owned gas entity announced on Monday.
An official source from the Ministry of Energy announced that Saudi Arabia will extend the voluntary oil cut of one million barrels per day, which had gone into effect in July, for another month to include August.
Oil and gas companies are reinvesting record profits from the fossil fuel price surge driven by the Ukraine war to intensify the hunt for new deposits despite repeated calls by the United Nations to phase out hydrocarbons to avoid a climate crisis.
Saudi Arabia on Monday extended its oil-export cut of 1 million barrels per day for another month and Russia said it will cut 500,000 bpd from its oil exports in August, in moves that could support prices at comfortable levels for producers.
India’s crude oil imports from Russia hit a new record high of 2.2 million barrels per day (bpd) in June, having risen in 10 consecutive months, per data from analytics firm Kpler cited by Bloomberg.