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
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)
Russia leapfrogged Saudi Arabia to become China’s top crude oil supplier in 2023, as the world’s biggest crude importer defied Western sanctions to purchase vast quantities of discounted oil
The International Energy Agency (IEA) has again raised its 2024 global oil demand growth forecast, though its projection remains lower than OPEC’s expectations
OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024 and said 2025 will see a robust increase in oil use, led by China and the Middle East, in a surprise early prediction
The oil market could be heading for a supply crunch from 2025 onwards as oil exploration fails to keep pace with demand, Occidental Petroleum, opens new tab Chief Executive Vicki Hollub said
China’s annual crude oil imports hit an all-time high in 2023, customs data showed, as fuel demand recovered from a pandemic-induced slump despite economic headwinds
Global oil demand is expected to increase by almost 2 million barrels a day in 2024, with China accounting for more than 25% of the increase, consultancy Wood Mackenzie said in a report
Saudi Arabia praised the countries inside and outside the Organization of the Petroleum Exporting Countries (OPEC) for their unity and commitment to the stability of the oil market through the “Declaration of Cooperation” signed in December, according to a cabinet statement
U.S. crude production will hit records over the next two years but grow at a slower rate, the U.S. Energy Information Administration (EIA) said, as efficiency gains offset a decline in rig activity
