Oil prices rebound after initial fears of Hurricane Beryl disrupting oil production in the Gulf of Mexico subsided. Updated forecasts show the storm will spare key oil fields. However, analysts remain concerned about potential disruptions from future storms in the region.
oil production
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Nigeria is focusing on eight idle oil fields to boost its struggling petrodollar economy, potentially adding over 300,000 barrels per day to national production and attracting significant investment.
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OPEC, the world’s leading oil producer group, contradicts the IEA’s forecast of imminent peak oil demand. OPEC maintains a bullish outlook, expecting oil consumption to rise for decades to come.
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Saudi Arabia’s Aramco share offering has gotten off to a flying start, with investor demand surpassing the initial amount of shares on offer within a very short timeframe. This overwhelming interest suggests potential global confidence in the world’s top oil producer, Saudi Aramco, and its parent nation’s economic diversification plans. The offering is anticipated to raise up to $13.1 billion.
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Russia admitted to exceeding its oil production quota for April, attributing it to technical challenges. This surprise move casts doubt on Russia’s commitment to coordinated production cuts with OPEC+, a key group of oil-producing nations. The development comes ahead of a crucial OPEC+ meeting in June to determine future production policy.
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Venezuela’s oil industry is on the rise after Chevron restarted drilling operations. This follows the US easing sanctions on Venezuelan oil in October 2023. The new drilling program is expected to significantly increase oil production. However, the future of this collaboration is uncertain as US sanctions relief hinges on upcoming Venezuelan elections.
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Energy Transition
Protests Force Full Shutdown of Libya’s Sharara Oilfield, Threatening 300,000 Barrels per Day Production
Protests originating in the Fezzan region of southern Libya have led to the complete shutdown of production at the Sharara oilfield, according to two engineers who spoke with Reuters on…
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Nigeria, Africa’s largest oil producer and exporter, has announced an ambitious plan to increase its oil and condensate output to 2.6 million barrels per day (bpd) by 2026, up from…
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The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, are set to meet this weekend to discuss the possibility of further reducing oil production amid a…