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OPEC Reports a Global Oil Production Decline in 2024

OilPrice

Global crude oil production declined by 1% last year, for the first time since 2020, averaging 72.58 The group reported a decline in OPEC and partner production while non-OPEC oil producers boosted output last year, in line with analyst predictions and relatively healthy oil prices.

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U.S. Sanctions Target Iran’s Oil Smuggling Network

OilPrice

Treasury Department on Thursday unveiled fresh sanctions targeting Iran’s covert oil trade and Hezbollah-linked financial activity, ratcheting up pressure on Tehran even as Chinese refiners continue importing Iranian crude at high volumes.

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World oil market may be tighter than it looks, IEA says

Oil & Gas 360º

(Investing) – VIENNA -The world oil market may be tighter than it appears despite a supply and demand balance pointing to a surplus, the International Energy Agency said on Friday, as refineries ramp up processing to meet summer travel demand. The IEA, which advises industrialised countries, expects global supply to rise by 2.1

IT
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IEA sees 2025 energy investment hitting $3.3 trillion

Oil & Gas 360º

(Oil Price) – Energy investments this year are set to hit $3.3 What’s more, the IEA believes that spending on non-hydrocarbon energy, including, besides wind and solar, also nuclear, grid upgrades, energy storage, new fuels, and efficiency, will be twice the amount spent on oil and gas this year.

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U.S. onshore oil production soars to record highs

Oil & Gas 360º

(Oil Price) – U.S. crude oil production from onshore federal lands hit a record 1.7 The state has quietly become the epicenter of the federal onshore oil boom, combining geological riches with favorable permitting conditions and existing infrastructure. Federal offshore oil, by contrast, hasn’t kept pace.

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US oil/gas rig count down for 11th week to lowest since 2021, Baker Hughes says

BOE Report

energy firms this week cut the number of oil and natural gas rigs operating for an 11th week in a row for the first time since July 2020 when the COVID-19 pandemic cut demand for the fuel, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas [Read more]

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ConocoPhillips Confirms Slagugle Oil Discovery in Norwegian Sea

Rigzone

million barrels of oil equivalent. million barrels of oil equivalent. Image by Ole Arnesen via iStock The Norwegian Offshore Directorate said ConocoPhillips Skandinavia AS, operator of production license 891, had confirmed the Slagugle oil discovery. million standard cubic meters of oil equivalent (approximately 30.8

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