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.
The IEA predicts a future oil supply glut due to electric vehicles and rising non-OPEC+ production.
Past predictions of oil decline have been inaccurate, such as Bloomberg’s forecast of a crash in 2023.
The IEA’s current prediction relies on assumptions that may not hold true.
Oil prices have bounced back after the last OPEC+ announcement sent them crashing, and the U.S. Federal Reserve could send them higher still with optimistic messaging.
Crude oil prices looked set for a weekly gain earlier today, as market players turned optimistic about demand despite conflicting signals from OPEC and the IEA.
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.