OPEC+ agrees to extend voluntary production cuts of 2.2 million BPD until the end of 2025, with gradual easing starting in October 2024.
The decision aims to stabilize crude prices and balance market demands, reflecting Saudi Arabia’s efforts to reconcile diverse member interests.
Weak demand concerns in China and other major economies, coupled with record U.S. oil output, have contributed to falling oil prices despite OPEC+ cuts and Middle Eastern tensions.
Aliko Dangote, Africa’s richest individual, announced that the supply of diesel from his Dangote Refinery has caused a roughly 60% decrease in the commodity’s price in the local market.
This week’s announcement of the government’s plans to reopen New Zealand’s territorial waters to oil drilling comes as no surprise. All three coalition parties campaigned on reversing the 2018 ban on offshore oil exploration.
Matador Resources Company has announced a significant acquisition in the Permian basin. A subsidiary of Matador is set to purchase a subsidiary of Ameredev II Parent, LLC, which includes oil and natural gas properties in Lea County, New Mexico, and Loving and Winkler Counties, Texas.
PTT Exploration and Production, Thailand’s national upstream company, has acquired the 10% participating interest held by German independent Wintershall Dea in the UAE’s Ghasha Concession, the companies announced on Tuesday.
Saudi Arabia’s oil giant Aramco looks caught between a rock and a hard place. It seeks to win over new investors, especially foreign ones, while at the same time – as the world’s top crude oil exporter and the biggest OPEC producer – not allowing oil prices to crash.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe has stated that the current oil block bid for 2024 is meant for investors with financial capacity and technical competence.
Woodside has achieved first oil from the Sangomar field offshore Senegal, marking the safe delivery of the country’s first offshore oil project.
US oil and gas drilling company Noble has signed a definitive agreement to acquire Diamond Offshore Drilling in a cash and stock deal.
John Browne, the former head of BP, has seemingly backed a Labour Party pledge to end North Sea oil and gas exploration.
The industry heavyweight, who joined the energy giant as an apprentice in the 1960s, said that plans for the North Sea and the “energy transition” would be important issues at the next election.