That’s what Chris Weston, Head of Research at Pepperstone, said in a market analysis sent to Rigzone on Monday, highlighting that the buyers are “now in firm control of the tape, with Brent futures pushing through the 200-day moving average”.
“With refinery retirements already announced and rising production, fewer imported barrels will be needed while exports are likely to tick higher with greater crude availability,” said Matt Smith, Kpler lead Americas oil analyst.
Two weeks ago, U.S. oil and gas giant, Exxon Mobil Corp. (NYSE:XOM) announced it had reached 500M barrels of oil produced from Guyana’s offshore Stabroek block, just five years after it kicked off production at the location.
According to the U.S. Energy Information Administration’s (EIA) latest short term energy outlook (STEO), which was released recently, the world produced an average of 76.10 million barrels of crude oil per day in the third quarter of 2024.
According to NUPRC, Nigeria’s current production rate, including crude oil and condensates, has reached 1.8 million barrels per day (bpd), up from 1.54 million bpd in September, with plans to push this figure to 2 million bpd by year-end.
Oil prices fell on Monday after China’s fiscal stimulus measures, announced at the National People’s Congress, failed to meet investor expectations, suggesting limited support for fuel demand.
-Nearly a fifth of crude oil production and 28% of natural gas output in U.S. Gulf of Mexico federal waters remains offline in the aftermath of Hurricane Francine, the U.S. offshore energy regulator said on Sunday.
The Nigerian government has released new rules to force oil producers to sell crude oil to local refineries, aiming to reverse the country’s reliance on imported refined petroleum products. The directive is a significant highlight of a comprehensive template guiding the implementation of Domestic Crude Oil Supply Obligation (DCSO) that aligns with the Petroleum Industry Act (PIA) of 2021.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that Nigeria’s crude oil reserves are 31.56 billion barrels, while condensate reserves are 5.94 billion barrels, totaling 37.50 billion barrels.
NUPRC’s Komolafe promises increased synergy between local refineries and producers in the second half of 2024 for a self-reliant petroleum landscape.