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.
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.
In the June STEO, the US EIA reduced its forecast for OPEC+ oil production for the rest of 2024.
OPEC oil output rose in May, as higher exports from Nigeria and Iraq offset the impact of ongoing voluntary supply cuts by some members as part of the OPEC+ agreement, a recent survey has found.
Oil hit a four-month low, and Brent Crude prices slipped below $80 per barrel for the first time since early February.
Third-quarter demand and market balances could be tempting for a reversal of the cuts from October, but OPEC+ is likely to consider balances for Q4 and beyond.
ING analysts Patterson and Manthey: The sell-off in oil this week is overdone.
Saudi Arabia set its flagship Arab Light crude oil official selling price (OSP) to Asia at plus $2.40 versus Oman/Dubai average for July, a document seen by Reuters showed on Wednesday.
There are indications that Nigeria’s 2024 national budget may have come under funding threats following sustained decline in oil price amidst stagnation in crude oil output level.
APA-Brazzaville (Congo) – Production cuts are intended to stabilise the Congolese domestic market while encouraging new investment in oil exploration.
The Republic of Congo’s Minister of Hydrocarbons Bruno Jean-Richard Itoua participated in two historic OPEC meetings on June 2, where the decision was made to extend oil production cuts into 2025.
The oil-producing Organization of the Petroleum Exporting Countries and its allies could extend existing output cuts this week, delegates and analysts tell CNBC, even as focus shifts from Middle East tensions to summer demand.
Four OPEC+ delegates, who spoke anonymously because of the sensitivity of talks, told CNBC the 2.2 million-barrels-per-day supply reductions will likely be prolonged, with one noting that the alliance would avoid shifting approach at a time when oil prices are relatively stable.