OPEC only partially delivered new oil production cuts in the first month of its latest supply pact, according to a report from the group.
QatarEnergy on Jan. 31 announced $6.2 billion in contract awards for the third phase of development at its offshore Al-Shaheen oil field, the country’s biggest, which will increase production by about 100,000 b/d.
Saudi Arabia’s state-owned oil company, Aramco, has decided to suspend its ambitious plan to boost oil production capacity to 13 million barrels per day (bpd) as per the Saudi government’s request.
The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday 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.
OPEC, in a monthly report, said world oil demand will rise by 1.85 million barrels per day in 2025. For 2024, OPEC saw demand growth of 2.25 million bpd, unchanged from last month.
The U.S. is heading into the New Year as the world’s largest oil producer, according to the latest industry research.
U.S. oil production reached a record 13.2 million barrels per day, significantly increasing exports, especially to Europe and Asia.
End-of-year tax considerations are prompting traders to export more oil to reduce taxable inventory, with exports expected to average 5 million barrels per day.
The integration of WTI Midland in the Brent basket and the European embargo on Russian oil have contributed to the growing popularity of U.S. crude in global markets.
Reuters: OPEC’s crude oil production dropped in November for the first monthly decline since July.
OPEC produced 27.81 million barrels per day of crude last month, a drop of 90,000 bpd compared to October.
In November, Iran, which is exempted from the OPEC+ cuts, further increased its output to a five-year high, according to the Reuters survey.
Division and dissent within OPEC+ over deeper production cuts led to an unconvincing announcement last week which pushed prices lower.
Africa’s oil production is set for a gradual decline in 2024, the African Energy Chamber said in a new report on the industry this weekend.
First half production from the country’s three main oilfields has declined by 13.2 per cent to 22.45 million barrels (bbls) from 25.86 bbls in the same period last year.