One of my 2023 energy predictions was that the U.S. would set a new annual oil production record this year. As we approach the midpoint of the year, this prediction is still tracking toward being accurate.
The vast disparity between China’s oil needs to power its economy and its lack of oil reserves has meant that its economy has been a key driver for oil prices since the mid-1990s.
Saudi Arabia, the world’s top crude oil exporter, saw its crude exports drop to a five-month low in April, a month before the first of the voluntary Saudi cuts began in May, data from the Joint Organizations Data Initiative (JODI) showed on Monday.
Kazakhstan has struck a number of deals this month to expand co-operation with China in the oil and gas industry, as Astana seeks closer ties with Beijing while reducing its reliance on Moscow. Kazakh national welfare fund Samruk-Kazyna and China’s state-owned oil company CNPC reached agreements in Astana on June 6 on jointly developing Kazakhstan’s oil and gas industry, the former reported.
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a seventh week in a row for the first time since July 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday.
Iraq, a member of the Organization of the Petroleum Exporting Countries (Opec), is seeking bids from foreign companies for the exploration and development of natural gas reserves in 11 new blocks, reported Reuters.
GEORGETOWN, June 16, 2023 – Chinese EPC company Bomesc Offshore Engineering Company has signed a contract with Japanese shipbuilding entity MODEC to build FPSO modules for ExxonMobil’s Errea Wittu FPSO bound for Guyana, Upstream Online reported on Thursday.
BAGHDAD, June 16, 2023 – Qatar and Iraq have signed several energy deals during Qatar’s Emir Sheikh Tamim bin Hamad al-Thani visit to Baghdad, Reuters reported on Thursday.
The total number of total active drilling rigs in the United States fell by 8 this week, according to new data from Baker Hughes published Friday, falling by 57 from in the last six weeks.
Russia has enough gasoline to meet its domestic demand, Energy Minister Nikolai Shulginov said on Friday, downplaying the possibility that Moscow could limit gasoline exports.