In this article, I will update the general trends now being observed with daily production out of the Permian basin. In past articles, I’ve discussed the fact that it was clear that the quality of Permian acreage remaining to drill was on the decline.
Newly established commodity trading firms incorporated in Hong Kong and the United Arab Emirates (UAE) have replaced trading and oil giants in handling Russian crude oil and products after the Russian invasion of Ukraine and the EU and G7 sanctions and price caps that followed.
Recent production cuts by Saudi Arabia are beginning to take a toll on the nation’s economy, according to the IMF’s latest World Economic Outlook. The Kingdom’s 2023 GDP growth projections have been significantly reduced, now expected to reach only 1.9%, down from the previously projected 3.1% in May.
Iran’s oil output has jumped to the highest in nearly five years, to 3.1 million barrels per day (bpd), a member of the energy committee at the Iranian Parliament was quoted as saying this weekend.
Ghanaian consumers are likely to see an increase in the price of diesel soon, as bulk distribution companies are compelled to sell stock at losses, if the sharp rises on the international market are not made to reflect at the country’s filling stations.
Tullow Ghana, the operator of the Jubilee Oil field, proudly shared a few weeks ago, that it had successfully delivered first oil from the JSE area – an extension of Ghana’s Jubilee Fields, located offshore Cape Three Points in the Western Region.
Drilling activity in the U.S. shale patch is about to rebound later this year and next year as oil prices have strengthened recently, American oilfield services firms said this week.
The direction of oil prices is top news material. Everyone follows oil prices. Many also follow the prices of the most traded oil derivatives, and some may have noticed something rather alarming in the trend of one of these derivatives.
Following several months of increased imports of Russian crude by India, the trend may finally begin to wane as it stockpiles enough to meet the country’s demand. India has favoured Russian crude in recent months due to its discounted prices, making its oil much cheaper than Middle Eastern alternatives.
Energy giants Shell, TotalEnergies and Chevron posted lowered profits in Q2 2023 as commodity prices slump following a high in 2022, Reuters reported on Thursday.