Putin Extends Ban on Selling Oil at Price Cap
Russian President Vladimir Putin has extended until June 30 the ban on selling crude oil and petroleum products to recipients adhering to the price cap set by the G7 countries, EU and Australia
Category: Production
IEA: World oil demand next year to rise faster than expected
World consumption will rise by 1.1 million barrels per day(bpd) in 2024, IEA said in a monthly report, up 130,000 bpd from its previous forecast, citing an improvement in the outlook for the United States and lower oil prices
OPEC blames ‘exaggerated’ demand concerns for oil price drop
OPEC said it remains cautiously optimistic about the fundamentals of the oil market for 2024 and blamed ‘exaggerated concerns’ about demand for the recent price drop, while sticking to its relatively high prediction of crude consumption for next year
OPEC production falls for the first time since July
OPEC’s oil production fell in November, marking the first monthly decline since July, according to a Reuters survey, due to lower shipments from Nigeria and Iraq amid ongoing cuts by Saudi Arabia and other members
Saudi Arabia says OPEC+ cuts could continue after March if necessary
The oil production cuts by OPEC+ can “absolutely” continue beyond the first quarter of 2024 if necessary, said Saudi Energy Minister, Prince Abdulaziz bin Salman
OPEC+ agrees on voluntary production cuts and invites Brazil to join
OPEC+ members reached an agreement to voluntarily cut their oil production by around 2.2 million barrels per day (bpd) at the beginning of next year, led by Saudi Arabia, which will extend its current voluntary reduction
OPEC gains market share in the Indian oil market in October
The OPEC share in Indian oil imports in October reached a 10-month high as refineries purchased more crude from Saudi Arabia and the United Arab Emirates after discounts were reduced for Russian crude that month, according to trade data
Russia sees oil and fuel exports down by more than 300,000 bpd in November
Russia’s energy ministry said it expects the country’s exports of crude oil and petroleum products to fall in November by more than 300,000 barrels per day (bpd), compared to the average level in May-June
BP shares slump as Q3 profit misses forecast on weak gas
BP reported third-quarter earnings of $3.3 billion, missing analysts’ forecasts due to weak gas trading results while the firm wrote down a large chunk of a U.S. offshore wind project
EIA: US crude output reaches monthly record in August
U.S. field production of crude oil rose to a new monthly record in August at 13.05 million barrels per day, the Energy Information Administration said