“U.S. oil production growth has been a dominant feature in the oil market since 2022,” said Burkhard. “A price-driven decline in U.S. production would be a pivot point for the oil market—and set conditions for a potential price recovery. But much will depend on the severity of an economic slowdown and the impact on demand growth beyond 2025.”
Opec+ crude output by members subject to cuts fell for a third straight month in June, as lower Russian production offset rises from some serial overproducers.
Major oil companies have lamented the impact of oil theft and pipeline vandalism on the availability of crude for local refineries.
Opec has once again kept unchanged its bullish forecast for oil demand growth this year, even while others including Saudi state-controlled Aramco continue to see much lower levels of growth.
Crude oil prices inched lower today after the Energy Information Administration reported an estimated inventory build of 7.9 million barrels for the week to June 9.
Saudi Aramco, the world’s largest crude oil exporter, has assured at least five North Asian refiners they would get the full crude volumes they had asked for in July, even after the production cut Saudi Arabia announced last week, sources familiar with the plans told Reuters on Monday.
Nigeria produced the most crude oil, followed by Algeria and Angola. Nigeria, Angola, and Algeria have three of the ten largest crude oil fields in Africa in terms of production in 2022.
The Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo), Mrs Elohor Aiboni, has expressed appreciation to the leadership of the Nigerian National Petroleum Company Ltd and the NNPC Upstream Investment Management Services (NUIMS) for the level of collaboration geared towards maximising the potential of the deepwater assets and delivering key projects to unlock value for stakeholders.
The Deputy Managing Director, Deepwater Asset, TotalEnergies Upstream Nigeria Limited (TUPNI), Mr Victor Bandele, has said the intervention of the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, Mr Mele Kyari has unlocked fresh 30,000 barrels per day of crude oil from OML 130.
The process concerning the development of natural gas deposits in block 6 in the Cypriot EEZ will proceed with a fast pace, Minister of Energy, Commerce and Industry Natasa Pilides has said, announcing the entry of French TOTAL in the field of renewable energy in Cyprus. Pilides who accompanied TOTAL’s vice president Laurent Vivier during […]