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OPEC Reports a Global Oil Production Decline in 2024

OilPrice

million barrels daily, OPEC said in the latest edition of its Annual Statistical Bulletin. Among OPEC members, production dipped by 2.1%, equal to 570,000 barrels daily. Global crude oil production declined by 1% last year, for the first time since 2020, averaging 72.58

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OPEC: The World Will Need an Extra 19.5 Million Bpd Refining Capacity by 2050

OilPrice

million barrels per day (bpd) of new refining capacity by 2050 to meet rising global oil demand, OPEC said in its 2025 World Oil Outlook (WOO) with forecasts through the middle of the century. The world will need as much as 19.5

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Canada’s Oil Sands Production Set for Record High in 2025

OilPrice

million barrels per day (bpd) this year, thanks to optimization and efficiency at producing assets, S&P Global Commodity Insights said on Tuesday in its latest outlook. million bpd, up by 5% compared to the 2024… Despite lower oil prices, Canada’s oil sands production is expected to reach an annual all-time high of 3.5

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China's Petrochemical Reliance on U.S. Outweighs Rare Earth Trade

OilPrice

China imported more than 565,000 barrels per day of petrochemical feedstocks from the US in 2024 according to the Energy Information Administration, with a value of over $4.7 That dwarfed the $170 million of rare earths the…

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Permian methane emissions dropped 50% in two years, analysts say

Oil & Gas 360º

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.

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USA Crude Oil Inventories Rise by Almost 4MM Barrels WoW

Rigzone

million barrels on June 27, the EIA's latest weekly petroleum status report showed. million barrels from the week ending June 20 to the week ending June 27, the U.S. million barrels from the week ending June 20 to the week ending June 27, the U.S. million barrels on June 27, 415.1 million barrels on June 20, and 448.5

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Venezuela’s PDVSA oil sales abroad hit $17.5 billion in 2024 as exports jump

Oil & Gas 360º

(Investing) – Venezuelan state-run PDVSA’s oil sales abroad in 2024 stood at $17.52 PDVSA’s crude oil and fuel exports averaged 805,500 barrels per day (bpd) last year, according to preliminary data from its 2024 financial and operational results.

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