Tag: OIL PRODUCTION

OPEC oil output rises in May, led by Nigeria, Iraq

The Organisation of the Petroleum Exporting Countries pumped 26.63 million barrels per day (bpd) last month, up 145,000 bpd from April, a survey stated

OPEC+ extends deep oil production cuts into 2025

OPEC+ agreed to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival U.S. production

Petrobras acquires two new platforms for offshore exploitation

The Brazilian oil company has signed a contract with the multinational Seatrium O&G Americas to acquire two new offshore platforms to expand production in deepwater areas

OPEC+ could extend oil cuts, formal talks yet to start

OPEC and its allies have yet to begin formal talks on extending voluntary oil output cuts of 2.2 million barrels per day beyond June, but they could keep the cuts if demand fails to pick up

Goldman Sachs, Commerzbank hike Brent crude forecasts

Goldman Sachs has raised its Brent crude oil price forecasts, projecting $86 a barrel for the second half of 2024, up from $85 previously, and $82 for 2025, up from $80

US restricts drilling and mining in Alaska wilderness

The Biden administration took steps to limit both oil and gas drilling and mining in Alaska, angering state officials who said the restrictions will cost jobs and make the U.S. reliant on foreign resources

Moody’s: YPF will face ‘macroeconomic stress’ this year

YPF will face “macroeconomic stress” and regulatory framework changes this year, according to a report released by the credit rating agency Moody’s on Latin American state-owned enterprises

OPEC+ keeps output policy steady

A meeting of senior OPEC+ ministers kept oil output policy unchanged and pressed some countries to increase compliance with output cuts

OPEC+ might not change its production policy before June

OPEC+ will hold an online meeting of the Joint Ministerial Monitoring Committee (JMMC) on April 3 to review the market and the implementation of production cuts by members

EIA: Non-OPEC+ countries will lead crude oil output growth in 2024

The short-term growth in global oil and liquid fuels production will be primarily driven by the United States, Guyana, Canada, and Brazil, offsetting the voluntary cuts by OPEC+, forecasted the EIA