The US Increased Shale Oil Production Amid OPEC+ Production Cuts
The US exceeded the forecast for production in the current quarter by 800 thousand barrels. per day, the volume amounted to 13.3 million barrels. At the same time, OPEC+ countries are cutting production – Russia has been reducing it by 500 thousand barrels since March. per day. The United States …
Kazakhstan Intends to Reduce Oil Production From January 2024
According to the statement of the Republic’s Ministry of Energy, the country’s obligations under OPEC+ in the first quarter of 2024 will amount to 1.468 million barrels per day. Kazakhstan intends to reduce oil production starting in January 2024 as a contribution to preventing uncertainty in the oil market. This …
The Head of Petrobras Said That Brazil Will Join OPEC+
Brazil will join OPEC+ (an expanded partnership format of OPEC oil exporting countries), but will not reduce energy production within the limits agreed upon by the association. Jean-Paul Prates, CEO of the Brazilian national oil and gas company Petrobras, announced this in an interview with Reuters. “We would never be …
Russia and Saudi Arabia Will Agree on Oil Production Quotas in 2024
At the ministerial meeting of OPEC+ participants, which will take place on November 30 after a six-month break, a decision will be made on the alliance’s actions next year. The main intrigue is whether OPEC+ will increase production cuts or leave the previous agreements in force. According to them, in …
Abu Dhabi Will Increase Oil Production in 2024
One of the largest producers in OPEC, the United Arab Emirates intends to increase oil production in January. Days before the Organization of the Petroleum Exporting Countries and its allies meet to discuss policies for the coming year, traders are focused on whether Saudi Arabia will extend its voluntary production …
Oil Prices are More Likely to Rise Than Fall, Analysts Say
The black gold market is rocking against the backdrop of the war in Gaza, anti-Russian sanctions and the weak recovery of leading economies. By the end of the year, the world may experience an oil shortage, the International Energy Agency predicts. At the same time, there is a “swing” in …
Saudi Arabia Will Continue to Voluntarily Reduce Production by 1 Million Bpd Until the End of the Year
Prior to this, the voluntary reduction was initially calculated for July, and then extended to August and September Saudi Arabia has decided to continue implementing measures to voluntarily reduce oil production by 1 million barrels per day (b/d) until the end of 2023. This was reported by the Saudi Press …
How External Economic Factors Determine the Sources of Mineral Resources in the Regions
Regions that traditionally show results in mining will be influenced by foreign economic factors, sanctions and countermeasures from our country in the first half of 2023. This is most noticeable in the Yamalo-Nenets Autonomous Okrug, which faces the bulk of Russian gas production. Mining production here decreased by almost 8%, …
RussNeft Expects a Reduction in Oil Production by Five Percent
RussNeft expects oil production to decline in 2023 due to OPEC+ decisions by 5%, to 6.4 million tons, company president Evgeny Tolochek told reporters on the sidelines of the Tyumen Industrial and Energy Forum. Answering the question by how much the company’s oil production could decrease in 2023, he said: …
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 …