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entered the war between Iran and Israel, said industry watchers, predicting oil at $100 a barrel if the Strait of Hormuz is closed. entered the war between Iran and Israel, said industry watchers, predicting oil at $100 a barrel if the Strait of Hormuz is closed. per barrel, while global benchmark Brent was up nearly 2% at $78.53
oil production and one fifth of natural gas—declined by more than 50% during the 2022-2024 period as improved operations, better equipment and the utilization of AI and other advanced technologies led to reductions across all observable plume rates (large and small), according to a new analysis by S&P Global Commodity Insights.
million barrels per day. That’s hardly a surge, considering the price allure that first pulled India deeper into Moscow’s oil orbit after the 2022 Ukraine invasion. India’s romance with cheap Russian oil is cooling—just a touch. Russian crude imports into India crept up 1% in the first half of 2025, totaling about 1.75
Fuelmakers have seen an unexpected boost in profit from key products in recent months, offering relief after earnings retreated from 2022 highs, driven by a post-pandemic demand rebound and supply disruptions following Russia’s invasion of Ukraine. The company’s realized margin per barrel was up at $11.25
That's despite OPEC+'s decision to up production by another half a million plus barrels. The group has effectively unwound nearly 90% of the so-called "voluntary" cuts it brought in back in 2022. Conventional market wisdom would suggest that oil futures would head lower on the development but they haven't.
Traders say the discount on Urals oil for August delivery to India has narrowed to just $1.70–$2 per barrel below dated Brent—the tightest spread since Russia invaded Ukraine in 2022. The price gap that once made Russian Urals crude a go-to for Indian refiners is rapidly shrinking. That discount is down from $2–$2.50 The reason?
million barrels per day in the second quarter of 2025 to less than 13.3 million b/d in 2022, 12.93 As a result, we forecast U.S. crude oil production will decline from an all-time high of just over 13.4 million b/d by 2026Q4. On an annual basis, we now forecast crude oil production will average 13.37 million b/d in both 2025 and 2026.”
Image by Yarphoto via iStock The world’s biggest oil product market is hungry for barrels as traders grapple with a summer supply squeeze. ” Diesel markets spiked last month when the fighting between Israel and Iran threatened millions of barrels of fuel exports from the Persian Gulf.
million net acres and more than 2 billion barrels of oil equivalent (Boe) in undeveloped resources. Volumes have nearly tripled since July 2022, reaching 136 Mb/d by March 2025, driven largely by EAP and a few other producers.
million barrels of oil equivalent. million barrels of oil equivalent) in Triassic reservoir rocks. The Directorate noted that an attempt was also made to delineate the discovery in 2022 with well 6507/5-11, which turned up dry. The Directorate reported that the Slagugle oil discovery, proven in 2020, holds an estimated 4.9
While some experts expect a short conflict and easing prices, others warn a complete shutdown of the strait could send oil prices soaring to $120-$130 per barrel, hurting global consumers. resilience stems from shifting from importing 14 barrels per capita in 1977 to net exporting 2.5 Shale’s ability to add 4.2
billion) in dividends this year, down from 50 billion ringgit in 2022. Petronas sets its budget based on Brent oil at around $75 to $80 per barrel, Taufik said. The company’s dividend has been falling. The firm has pledged 32 billion ringgit ($7.6
Algeria contributed 154 million cubic feet a day of gas and 21,000 barrels per day of liquids to TotalEnergies’ 2024 production, according to the company’s annual report. Ahara marks QatarEnergy’s entry into Algeria’s upstream sector, QatarEnergy said separately. TotalEnergies owns 26.4
Low global oil stockpiles were a major motivating factor in prompting OPEC+ members to raise production by 548,000 barrels per day in August at the group’s meeting on Saturday, the Russian government said in a statement.
Weizhou 5-3 is expected to reach a peak output of about 10,000 barrels a day next year, the state-backed oil and gas explorer and producer said in an online statement Monday. The Caofeidian 6-4 adjustment project is expected to achieve 11,000 barrels of oil equivalent a day (boed) in peak production 2026. feet) deep.
private) (N/A – private; high gas focus) (N/A – private) ~7–9 rigs in Oklahoma (2025) (21 wells drilled in 2023) Note: MBOE/d = thousand barrels of oil equivalent per day. For example, in the Cleveland formation (Western Anadarko) , Mewbourne doubled its new well count from 11 wells in 2022 to 21 wells in 2023.
If oil flows through the Strait of Hormuz were to drop by half for a month, and remained 10% lower for another 11, Brent would spike briefly to as much as $110 a barrel, analysts including Daan Struyven said in a note. million barrels a day, Brent would peak at $90. Should Iranian supply fall by 1.75
Image by Phototreat via iStock Canada’s oil sands industry reduced its emissions per barrel for the sixth straight year in 2023, even as one growing portion of the sector moved in the opposite direction, according to new Alberta government data released Thursday. million in 2022, the data show. million in 2022, the data show.
Trading at around $77 a barrel, oil is below 2022’s $139 high, but is nearing pain points. “If million barrels a day, none has yet been shipped or delivered, said hedge fund Svelland Capital director, Nadia Martin Wiggen. It remained elevated on Friday. Disruption here could push oil above $100, analysts say.
per barrel at 9:43 a.m. per barrel. Crude oil futures are heading for the biggest intraday gain since March 2022, the month after Russia invaded Ukraine. Physical barrels of crude oil would need to be knocked out of the market for prices to rise higher at this point, Read said.
since 2022 to accelerate development in oil, liquefied natural gas and low-carbon power. Chevron’s first development in the Norphlet trend of the Gulf, Ballymore has a capacity of 75,000 barrels of oil a day. The acquisition bolsters “the successful U.S. TotalEnergies noted it has invested nearly $11 billion in the U.S.
The Secretariat is led by a secretary-general — currently, former Kuwaiti official Haitham al-Ghais, who took office for his first three-year term in 2022 and has since been reappointed for a second stint starting Aug. million-barrels-per-day production cut. The next one is due on Aug.
Specifically, the Sapakara and Krabdagu fields, which contain recoverable reserves estimated at nearly 760 million barrels, according to the company’s website. The company has sold 70 percent of its oil production portfolio since 2022, according to the statement.
a barrel at 1352 GMT, after hitting an intraday high of $78.50, the highest since January 27. Friday’s gains were the largest intraday moves for both contracts since 2022, after Russia’s invasion of Ukraine caused a spike in energy prices. Brent crude futures were up $4.57, or around 6.59%, to $73.93 earlier in the session.
million barrels of deliveries to the SPR from January through May. Biden carried out several sales from the Strategic Petroleum Reserve including 180 million barrels in 2022, the largest ever, in an attempt to control spiking gasoline prices after Russia invaded Ukraine. (BOE Report) – The U.S. So far this year only 8.8
Office Of The Iranian Supreme Le | Via Reuters Crude futures jumped about $5 per barrel on Friday after Israel launched airstrikes against Iran without U.S. per barrel on Friday. per barrel. billion barrels of emergency stocks available in its security system. In this article @LCO.1 Office of the Iranian Supreme Leader.
While Friday marked the biggest single-day gain for crude since Russia's full-scale invasion of Ukraine in 2022, however, global benchmark Brent crude futures — last seen at $73.75 a barrel — were still far below the prices seen in the aftermath of Moscow's incursion into Ukrainian territory. Loading chart.
The American SPR is the world’s largest emergency oil storage, able to hold 714 million barrels, or the equivalent of 35 days of U.S. But it contained only 403 million barrels of crude oil as of July 4, according to government data, which is far below the record level of 727 million barrels reached in 2010. million bpd and 6.6
West Texas Intermediate edged up to settle near near $65 a barrel while Brent closed little changed near $68. Still, the large geopolitical risk premium in the market only a few sessions ago has mostly deflated, with oil posting the biggest two-day decline since 2022 early this week. a barrel in New York. to settle at $65.24
Niemeyer has been Chevron president for exploration and production in the Americas since October 2022. “The 15.38 Niemeyer appointed as president. Harsh Goyal, Andrew D. Stead and Nicola E. Woods have also been named directors of Hess under Chevron, Hess said in a regulatory filing. Chevron said John B.
to settle as just above $77 a barrel after the White House comments on Thursday and a Reuters report that Tehran is ready to discuss limitations on uranium enrichment. The US benchmark for August delivery settled just below $74 a barrel. Global benchmark Brent slid about 2.3% Oil Prices WTI for August delivery advanced 0.5%
India became a major importer of Russian oil since the invasion of Ukraine in early 2022. Global benchmark Brent fell almost 2% to close below $70 a barrel on Monday, suggesting little concern around the potential impact to crude flows. China’s imports have also climbed over the same period. Russian flows to India reached 2.1
"So for markets, the geopolitical events that mattered were the stagflation shocks, like the 1970s oil crises, the Gulf War in 1990, and Russia's invasion of Ukraine in 2022." Clearly, a larger price spike would evoke the 2022 scenario where central banks hiked rates to clamp down on inflation," Allen wrote.
Said also owns UAE-based VS Petroleum DMCC , formerly Ikon Petroleum DMCC, and Rhine Shipping DMCC (Rhine Shipping) which, in 2022, were implicated in blending Iranian oil to sell as Iraqi oil. Since mid-2023, the VIZURI has completed multiple shipments of Iranian oil and transported millions of barrels of Iranian oil.
The European Union will propose to G7 finance ministers to lower the price cap on Russian crude from the current $60 per barrel to $50, European Economic Commissioner Valdis Dombrovskis said.
All the countries in the OPEC+ pact saw their combined crude oil production drop by 106,000 barrels per day (bpd) in April compared to March, despite the pledge of the eight OPEC+ producers who are withholding supply to begin easing their cuts.
for the forfeiture of $47 million in proceeds from the sale of some 1 million barrels of Iranian oil that went to Irans Islamic Revolutionary Guard Corps and the Qods Force. Per the lawsuit, the oil was sold under a sanction evasion scheme between 2022 and 2024, with the
OPEC+ Production Hike Adds to Bearish Sentiment OPEC+ surprised the market with its decision to raise production quotas for the first time since 2022, adding 138,000 barrels per day While a short-term technical rebound was observed, the broader downtrend remains intact.
million barrels of renewable diesel per year for five years from a converted California refinery starting in 2022. ExxonMobil has signed an agreement with Global Clean Energy Holdings, a developer of sustainable, non-food energy crops for use in biofuels, to purchase 2.5
natural gas production and 500 barrels per day of U.S. In January, APA said it reduced production by about 23,500 barrels of oil equivalent per day (boepd) in the fourth quarter. Natural gas prices have been climbing from the past few quarters but remain below record highs of 2022 following U.S.
International sanctions were tightened significantly after Russia invaded Ukraine in 2022, with Washington announcing its harshest round of sanctions on January 10. In 2022, Exxon took a $4.6 The Russian prosecutor filed a claim against Shell for alleged unpaid gas deliveries in 2022, asking Shell to pay Gazprom 1.5
The Oilholic is not among them - a hike is most likely coming, quite possibly of the same volume seen in the previous two announcements, i.e. 411k barrels per day (bpd). For its part, the oil market is pricing this in already and at some point soon - were this continue - sub-$60 per barrel Brent crude prices beckon.
for the forfeiture of $47 million in proceeds from the sale of some 1 million barrels of Iranian oil that went to Irans Islamic Revolutionary Guard Corps and the Qods Force. The 2024 sale of that one million barrels of Iranian crude was not the first by the U.S. seized the oil last year and sold it, making $47 million from that sale.
The price of West Texas Intermediate (WTI) opened 2022 at about $75 a barrel (bbl). But the shale boom had put millions of new barrels of oil into. Last week, the price rose above $90/bbl for the first time since 2014. That was also the last year the price of WTI was above $100/bbl.
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