Seven OPEC+ Countries Decided to Increase Oil Production Quotas by 188 Thousand Barrels per Day in June
Seven OPEC+ countries decided to increase oil production quotas in June by 188 thousand barrels per day, according to an OPEC press release. The next meeting of ministers of the seven countries is scheduled for June 7. Thus, the total OPEC+ quota for June, taking into account compensations from Kazakhstan …
OPEC+ Countries Agree on Oil Production Increase Following UAE Withdrawal
Seven OPEC+ countries with voluntary production cuts (Russia, Saudi Arabia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) are likely to agree on another increase in oil production quotas; however, it will be adjusted to take into account the UAE’s withdrawal from the organisation, Reuters reported citing sources. The Emirates News Agency …
The United Arab Emirates Announced Withdrawal from OPEC and OPEC+, Which Unite the Largest Oil-Producing Countries
UAE Energy Minister Suhail Mohamed Al Mazrouei told Reuters that the decision to withdraw from OPEC was made after a thorough analysis of energy strategies. When asked whether the UAE had consulted with Saudi Arabia, the de facto leader of OPEC, he replied that the UAE had not raised this …
UAE Ministry of Energy Explained Why the Country Withdrew from OPEC
The United Arab Emirates (UAE) announced that they are withdrawing from OPEC and OPEC+ based on national interests, taking advantage of a “favourable moment” — the closure of the Strait of Hormuz. The UAE authorities claim that this will allow them to avoid a collapse in oil prices. The United …
Restoration of Oil Production at Tengiz Enabled Kazakhstan to Increase Output by 2% in March Compared to February
Kazakhstan increased oil and gas condensate production in March 2026 following the restoration of output at the giant Tengiz field.This was reported on April 1, 2026, by Reuters, citing a source familiar with Kazakhstan’s industry statistics. Contribution of Tengiz According to the report: oil and gas condensate production in Kazakhstan …
Oil Production in Khanty-Mansi Autonomous Okrug Increased by 2.6% in January–February
Oil production in January–February in Russia’s largest oil-producing region, the Khanty-Mansi Autonomous Okrug – Yugra, increased by 2.6%, and by the end of 2026 it is expected to remain at least at the level of 2025, said Egor Zbrodov, First Deputy Director of the Department of Subsoil Use and Natural …
Gazprom Neft Plans to Increase Hydrocarbon Production in 2026
Gazprom Neft plans to increase hydrocarbon production in 2026, primarily oil, company head Alexander Dyukov told journalists. “There are quotas established under the OPEC+ agreement. Our task is to produce oil in accordance with these quotas. Overall, this year we plan to increase hydrocarbon production, primarily oil,” he said. The …
Surgutneftegas Stated It Could Increase Oil Production
Surgutneftegas has the technical capability to increase oil production given the current situation on the global market, company head Vladimir Bogdanov told journalists on the sidelines of the Russian Union of Industrialists and Entrepreneurs (RSPP) congress. Bogdanov added that before the OPEC+ agreement came into effect, the company produced 60 …
Kuwait Plans to Cut Oil Production Due to Storage Capacity Limits
Kuwait has begun reducing oil production at a number of fields as fuel storage facilities in the country fill up, The Wall Street Journal reports, citing informed sources. According to the sources, the country, which is the fifth-largest oil producer in OPEC, is considering reducing oil production and refining to …
SLB’s Profit Exceeds Forecasts Due to Steady Demand for Oilfield Services
SLB’s performance improvement occurred due to stable demand for its services in certain international regions, which helped offset the slowdown in drilling operations in North America, Mexico, and Saudi Arabia. The company, the first among the major American oilfield service providers to release its report, had previously noted reduced activity …