Rystad: global recoverable oil reserves held largely steady at around 1,500 billion barrels.
The largest downward revisions are seen in Saudi Arabia, where development priorities have shifted from offshore capacity expansions to onshore infill drilling.
Rystad puts OPEC oil reserves well below its officially reported oil reserves of 1,125 billion barrels.
Iran’s Oil Minister Javad Owji has claimed a major gas import deal with Russia as the country suffers from serious power shortages, without saying how the gas can reach Iran.
SCMP: Angola was the No. 2 exporter of oil to China in 2010, second only to Saudi Arabia, by last year, it had plummeted to No. 8.
Angola–and other African oil producers–have a hard time luring investors to further develop its oilfields and boost infrastructure.
China is pivoting heavily to the GCC, aggressively seeking energy tie-ups with Saudi Arabia, UAE, Bahrain, Kuwait, Oman, and Qatar.
The International Monetary Fund (IMF) has downgraded its growth forecast for the Saudi economy due to ongoing oil production cuts by OPEC+. The IMF now sees 2024 growth clocking in at just 1.7%, nearly a percentage point lower than its earlier projection of 2.6%. The effects of the cuts are expected to spill over into the coming year, with the IMF projecting GDP growth of 4.7% in 2025, a downward revision of 1.3 percentage points from April.
A stronger dollar tends to lower oil prices as buyers using other currencies have to pay more for their dollar-denominated crude
Despite the fiscal challenges, Saudi Arabia appears steadfast in its commitment to Vision 2030.
Saudi Arabia’s role as a stabilizer within OPEC comes at a cost and Saudi Arabia may have to commit to longer and deeper output cuts.
Saudi Arabia’s balancing act between maintaining OPEC stability, sustaining oil revenues, and investing in non-oil sectors is a complex endeavor.
Kuwait has discovered a significant amount of oil and gas in the Al-Noukhitha offshore field, estimated at around 3.2 billion barrels of oil equivalent.
The discovery includes 2.1 billion barrels of light oil and 5.1 trillion standard cubic feet of natural gas.
Kuwait plans to develop plans for extracting resources from the field as soon as possible, aiming to increase its oil production capacity to 4 million barrels per day by 2035.
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.
Brent crude soared to $87.50 per barrel on July 4th for the first time since mid-April, holding firm as a flurry of bullish news supports crude prices in early July. The surge was driven by oil supply threats from Hurricane Beryl and a bullish oil inventory report from the EIA.
Non-OPEC producer Kazakhstan, which is part of the OPEC+ output deal, raised its oil production in June, exceeding its quota under the alliance’s agreements, Reuters calculations based on data from sources showed on Wednesday.