Saudi Arabia Stressed That Russia Voluntarily Reduced Oil Production
Russia’s 500,000 barrels per day cut in oil exports was not forced upon it, it was a voluntary decision, compliance checks will be monthly, said Saudi Energy Minister Prince Abdulaziz bin Salman. “We did this (reduction – ed.) partly with the support of colleagues from Russia … We received confirmation …
Oil Production in Brazil May Grow by 4-5% in 2023-2024
Oil production in Brazil in 2023-2024 may grow by 4-5%. This was stated by the CEO of the Brazilian oil and gas company Petrobras J.-P. Prates. According to him, the company already has 2 new FPSO floating vessels, which will increase oil production. An increase of 4-5% is expected this …
Kazakhstan Hopes to Restore Oil Production Within a Month, Reduced Due to a Power Failure
Within a month, Kazakhstan plans to restore the volume of oil production, reduced due to an accident in the energy supply in the west of the republic, Kazakh Energy Minister Almasadam Satkaliyev said. “Now we will clarify the volumes to what extent the limitation on production volumes was, but we …
Saudi Arabia Will Extend July Oil Production Cut Until August
Saudi Arabia will extend July’s voluntary cut in oil production by 1 million barrels per day to August, according to the Saudi news agency SPA, citing a source in the kingdom’s energy ministry. An official energy ministry source announced that the Kingdom of Saudi Arabia will extend the voluntary 1 …
Algeria Voluntarily Cut Oil Production in August
Algeria decided in August to voluntarily cut its oil production by another 20,000 bpd, on top of a 48,000 bpd cut that began in May, the country’s energy ministry said. “As part of the joint efforts of the OPEC+ countries and in support of additional cuts envisaged by the Kingdom …
World Energy Report Confirms Rise in Iranian Oil Production
Data from the Statistical Review of World Energy confirmed that there was a significant increase in Iran’s crude oil production in 2022, despite the continued pressure of US sanctions on the Iranian oil sector. The annual report published by the Energy Institute (EI) showed that Iran’s oil production, including the …
IEA Forecasts Oil Production Growth in Azerbaijan in 2024-25
The International Energy Agency (IEA) predicts an increase in oil production in Azerbaijan in 2024-2025 to 570,000 barrels per day (bpd). The IEA told Interfax-Azerbaijan that according to the agency’s estimates, in 2023 oil production in the country will amount to 520,000 barrels per day. In 2024, production will increase …
“Trust” Bought Shares of Ruspetro Enterprises in Khanty-Mansi Autonomous Okrug
The bank announced a settlement agreement for 24 billion Bank of non-core assets “Trust” acquired the shares of the companies “Inga” and “Trans-Oil”. Both organizations were part of the Ruspetro group and became bankrupt in 2020. The press service of the bank announces the signing of a settlement agreement and …
BP Revised Volumes of Oil and Gas Production Cuts
British BP has decided to increase investment in oil and gas projects and, as a result, reduce oil and gas production less than in 2019 – by 25% instead of 40%, planned earlier, by 2030, the company says. “BP expects oil and gas production to be around 2.3 million barrels …
The US Department of Energy raised the forecast for oil production in the Russian Federation for 2023 to 9.9 million bpd
The US Department of Energy has adjusted the forecast for oil production in the Russian Federation for 2023, increasing it by 380 thousand b / d, to 9.87 million b / d, according to the monthly forecast of the Energy Information Administration (EIA). The forecast figure is 1.07 million b/d …