Azerbaijan Lagged Behind the OPEC+ Quota by 184 Thousand b/d in August
Oil production in Azerbaijan in August 2023 amounted to 500 thousand bpd. This is stated in the Platts review conducted by S&P Global Commodity Insights, which is available to the Interfax-Azerbaijan agency. As of August, Azerbaijan’s oil production quota under the OPEC+ deal was 684 thousand bpd. Thus, according to …
Kazakhstan in August Lagged Behind the OPEC+ Quota by 100 Thousand b/d
Oil production in Kazakhstan in August 2023 amounted to 1.45 million bpd, according to a review by S&P Global Commodity Insights, citing Platts data. As of August, Kazakhstan’s oil production quota under the OPEC+ deal was 1.55 million bpd. Thus, according to S&P Global Commodity Insights, Kazakhstan in August lagged …
Saudi Arabia Extends Oil Production Cut by 1 Million b/d Until the End of the Year
Prior to this, the voluntary reduction was calculated first for July, and then extended to August and September Saudi Arabia has decided to extend the voluntary cut in oil production by 1 million barrels per day (b / d) until the end of 2023. This was reported by the Saudi …
Oil Production in Russia in June Fell by 100,000 Barrels Per Day
Oil production in Russia in June decreased by 100 thousand barrels per day compared to May, to 9.5 million barrels per day, follows from the data of the August report of OPEC. “The production of liquid hydrocarbons in Russia in June decreased by 100 thousand barrels per day compared to …
OPEC Expects Decrease in LH Production in Azerbaijan in 2024
Production of liquid hydrocarbons (LH) in non-OPEC countries in 2023 will increase by 1.5 million b/d compared to last year and will average 67.27 million b/d, while in the previous report an increase of 1.4 million b/d was forecast, to 67.14 million b/d, according to OPEC’s monthly report. “Downward revisions …
The Largest US Shale Companies Increase Production, Media Reported
Key U.S. shale companies are ramping up production, extracting more from each well, but are in no hurry to bring in significant new production capacity. This is evidenced by the analysis of the reporting of these companies conducted by Reuters. Companies that turned the world oil and gas markets over …
Saudi Arabia and Russia were Thanked for Cutting Oil Production
The OPEC+ Monitoring Committee expressed gratitude to Saudi Arabia for extending the voluntary cut in oil production by 1 million barrels per day in September, and to Russia for the voluntary cut in exports by 300,000 barrels per day, the communiqué says. “The Committee also expressed its recognition and support …
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 …
Guyana Refuses to Join OPEC to Increase Oil Production
Guyana has rejected an offer from the Organization of Petroleum Exporting Countries to join OPEC, The Wall Street Journal reported, citing sources. The material says that in recent months the republic has been repeatedly invited to join the organization by OPEC Secretary General Haytham al-Ghais and Saudi Energy Minister Prince …
Gas Production in Azerbaijan to Increase by 7% in 2023-2026
The international rating agency S&P Global Ratings predicts a decline in oil production in Azerbaijan by about 7% in 2023-2026. “Although oil prices were favorable, Azerbaijan’s production continued to decline. Azerbaijan is one of the oldest oil producers in the world, having started commercial production in the 19th century. Existing …