OPEC crude oil pumping rises in February
OPEC oil production increased in February, as detected by a Reuters survey, as a recovery in Libyan pumping after a disruption offset the impact of voluntary cuts agreed upon by other members of the bloc
Category: Production
Novak rules out banning Russian diesel exports
Deputy Prime Minister Alexander Novak said that Russia is not considering banning diesel exports and emphasized that the measure of not selling gasoline abroad could be lifted at any time if the market becomes saturated
Goldman Sachs raises its forecast for Brent highs
Goldman Sachs raised its forecast for Brent highs in the northern summer of 2024 by $2 per barrel, to $87. This is due to disruptions in the Red Sea contributing to slightly larger withdrawals than expected in OECD commercial inventories
OPEC maintains demand outlook and foresees economic growth
OPEC maintained its forecast of relatively strong growth in global oil demand in 2024 and 2025, while raising its economic expansion projections for both years, stating that there is greater upside potential
IEA: Demand growth loses momentum as supply increases
Global oil demand growth is losing momentum, said the International Energy Agency (IEA), as it cuts its growth forecast for 2024, sharply contrasting with the projections of the OPEC
OPEC Secretary-General sees solid demand outlook
Saudi Arabia’s decision to postpone plans to expand oil capacity should not be interpreted as an assessment that crude demand is falling, the OPEC secretary-general said
YPF will focus on Vaca Muerta to increase its value
The oil company YPF will focus over the next four years on its areas within the massive Vaca Muerta unconventional hydrocarbon formation in the southwest of the country
EIA: U.S. output to increase to 13.21 million bpd in 2024
U.S. crude production will increase to 13.21 million barrels per day (bpd) in 2024, forecasted the Energy Information Administration (EIA), lowering growth expectations for pumping by 120,000 bpd
Russia forecasts an increase in gas exports
Russia will increase its pipeline gas exports by 11% and liquefied natural gas (LNG) exports by 14% due to the commissioning of new LNG production plants and an increase in volumes supplied to Asia, primarily to China, predicted Russian Deputy Prime Minister Alexander Novak
Saudi exports reached their highest level in November
The crude oil exports from Saudi Arabia reached their highest level in five months in November, marking the third consecutive increase, as indicated by data from the Joint Oil Data Initiative (JODI)