Despite concerns about a potential market oversupply, OPEC+ is set to increase production due to a combination of foreign investor interests from without and the need for unity within, according to S&P Global Commodity Insights.
Crude oil prices ticked higher earlier today, after posting two daily losses, as the shutdown of oil fields in Libya took precedence over demand worry.
Iraq’s Oil Ministry has signed initial deals for 13 oil and gas exploration blocks and fields, which could increase the country’s output by 750 kb/d of crude oil and 850 mcf/d (8.8 bcm/year) of natural gas. The agreements were signed with the winning companies within Iraq’s fifth and sixth supplementary licensing rounds. These deals represent the follow-up of the bidding round held in May 2024, in which Chinese companies dominated.
Oil prices rose sharply after the American Petroleum Institute reported a significant drop in US oil inventories.
Lower-than-expected producer price inflation boosted hopes for a Federal Reserve rate cut.
Oil prices had been under pressure before the API report, with the IEA and OPEC warning of slowing demand next year.
Nigeria’s crude oil production in the month of July rose to 1.307 million barrels of crude oil daily according to the monthly oil market report of the Organisation of Petroleum Exporting Countries (OPEC).
The Organisation of Petroleum Exporting Countries (OPEC), has said supplies from Nigeria-based world’s largest single-train Dangote Refinery and Petrochemicals will put pressure on the performance of Europe’s oil industry, especially the Northwest Europe (NWE) Gasoil.
The news agency Reuters has seen something the rest of us haven’t: Internal Mexican government estimates of that country’s future oil production which paint a gloomy picture of rapid decline after 2030. Is this admission just the tip of the iceberg?
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.