The U.S. is heading into the New Year as the world’s largest oil producer, according to the latest industry research.
U.S. oil production reached a record 13.2 million barrels per day, significantly increasing exports, especially to Europe and Asia.
End-of-year tax considerations are prompting traders to export more oil to reduce taxable inventory, with exports expected to average 5 million barrels per day.
The integration of WTI Midland in the Brent basket and the European embargo on Russian oil have contributed to the growing popularity of U.S. crude in global markets.
Reuters: OPEC’s crude oil production dropped in November for the first monthly decline since July.
OPEC produced 27.81 million barrels per day of crude last month, a drop of 90,000 bpd compared to October.
In November, Iran, which is exempted from the OPEC+ cuts, further increased its output to a five-year high, according to the Reuters survey.
Division and dissent within OPEC+ over deeper production cuts led to an unconvincing announcement last week which pushed prices lower.
Africa’s oil production is set for a gradual decline in 2024, the African Energy Chamber said in a new report on the industry this weekend.
First half production from the country’s three main oilfields has declined by 13.2 per cent to 22.45 million barrels (bbls) from 25.86 bbls in the same period last year.
The federal government has met with a team from Seplat Energy, to resolve the stalemate arising from the proposed $1.3 billion ExxonMobil’s oil asset sale which has now been held up for close to two years.
It wasn’t clear what the details of the meeting which took place in Abuja were, but the Minister of State, Petroleum (Oil), Senator Heineken Lokpobiri, hinted that it bordered on ways to resolve the prolonged altercation.
Oil production in Nigeria slumped by 15.5% in July from June, marking the third month-on-month decline since April, according to data from the local upstream regulator.
Nigeria lost about N249bn crude oil revenue in July following a plunge in the country’s oil output by over four million barrels in the same month, latest oil production data seen on Sunday showed
Iraq’s parliamentary oil and gas committee plans to increase the country’s oil production to more than five million barrels per day, according to the release of committee minutes last week