Global oil demand seen reaching pre-pandemic levels by early 2022

Global fuel demand is expected to reach pre-pandemic levels by early next year as the economy recovers from the ravages of the pandemic, but excess refining capacity is likely to weigh on the outlook

Saudi retains top spot in oil supplies to China

Saudi Arabia, the world’s biggest oil exporter, kept its ranking as China’s top crude supplier for a ninth straight month in August as major producers relaxed production cuts

Iran determined to increase its oil exports despite US sanctions

Iran is determined to increase its oil exports despite sanctions imposed by the United States on Tehran’s crude sales, Iranian Oil Minister Javad Owji said

The OPEC and allies led by Russia, a group known as OPEC+, agreed to stick to a policy from July of phasing out record output cuts by adding 400,000 barrels per day (bpd) a month to the market

OPEC August oil output rises, but outages limit gain

The Organization of the Petroleum Exporting Countries has pumped 26.93 million barrels per day (bpd), the survey found, up 210,000 bpd from July’s estimate

OPEC+ could reconsider output increase

The rise in oil output agreed final month by OPEC+ nations might be reconsidered at its subsequent assembly on Sept. 1, Kuwait’s oil minister stated

CNPC plans new shale oil field near northeast China’s Daqing

China National Petroleum Co (CNPC) said that it plans to produce new shale oil from formations within the existing Daqing oil field area that will help replenish production in decrease of that site

Russia’s oil production falls to 10.41 million bpd

Russia’s oil production fell to 10.41 million barrels per day (bpd) during the period from Aug. 1 to 23, from 10.46 million bpd in July

Saudi crude exports rise to five-month high in June

Saudi Arabia’s crude oil exports rose to 5.965 million barrels per day (bpd) in June, their highest in five months, Joint Organisations Data Initiative (JODI) said

US shale oil output to rise to highest since May 2020

US shale oil output is predicted to rise to 8.1 million barrels per day in September, the highest since May 2020, in accordance to the EIA’s month-to-month drilling productiveness report