Russia expects its oil and gas production to fall this year compared to 2022, partly due to the production cuts announced for March, Russian Energy Minister Nikolai Shulginov told lawmakers on Wednesday.
The combined oil production of the OPEC+ group dropped in February by 80,000 barrels per day (bpd) as a small rise in Russia’s still resilient output failed to offset declines in Angola, Iraq, and Kazakhstan, according to the Platts survey by S&P Global Commodity Insights.
The leaders of the OPEC+ coalition, Russia and Saudi Arabia, pledged to continue close cooperation in oil policy in the group during a visit of Saudi Arabia’s foreign minister to Moscow on Thursday.
As the OPEC+ meeting in the first days of February only confirmed the oil group is intent on maintaining its strategy and will avoid sudden and drastic moves, Saudi Arabia was facing a peculiar dilemma with its March 2023 official formula prices.
RIYADH, Feb 20 (Reuters) – Decisions by OPEC+ are not politicised and are based on market fundamentals, Saudi Arabian energy minister Prince Abdulaziz bin Salman said on Monday, adding that the alliance of oil producers is sufficiently flexible to adjust policy as needed.
BP and Shell announced record annual profits of £23bn and £32bn respectively for 2022.
Saudi Arabia, one of the organisation’s most prominent members, believes that the current energy crisis is largely the result of declining investment in hydrocarbons
There is no need for the OPEC+ group of oil producing nations to meet earlier than scheduled, the United Arab Emirates energy minister said on Monday, following Russia’s announcement at the end of last week it would unilaterally cut output.
The OPEC+ group currently doesn’t plan to change the course in its oil production targets after Russia announced a cut in its output for March, two delegates from the OPEC+ alliance told Reuters on Friday.
Oil may resume its rally in 2023 as Chinese demand recovers after COVID curbs were scrapped and lack of investment limits growth in supply, OPEC country officials told Reuters, with a growing number seeing a possible return to US$100 a barrel.