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government data showed a draw in fuel inventories. per barrel at 12.30 government data showed that crude stocks rose by 1.7 million barrels last week to 437 million barrels, significantly higher than the Wall Street consensus of a 512,000-barrel build. per barrel at 12.30 million barrels to 114.8
In a market increasingly governed by geopolitical tremors and macroeconomic mismatches, crude oil dipping below $65 per barrel seems like a gift to global consumers. Even after a brilliant spike on Monday, Brent is still languishing around $65 per barrel, with WTI trailing slightly lower.
million barrels daily. The countrys government has a stated ambition to boost that considerably, by some 1 million barrels daily within two years. Last November, Nigerias oil production hit the highest in 2024, at 1.7 But there is a problem it needs to solve first: pipeline sabotage.
The PM has pledged that the federal government would work to fast-track major projects to make Canada an energy superpower. Earlier in June, Smith said that Alberta is working to engage private backers for a new pipeline to ship about 1 million barrels per day (bpd) of crude to British Columbia’s northwest coast.
The expanded Trans Mountain pipeline in Canada could raise its capacity by another 75,000 barrels per day (bpd) by early 2027, which could potentially increase Canadian crude oil exports from its Pacific Coast to non-U.S.
Offshore Energies UK said that local energy production was estimated at some 2 billion to 3 billion barrels of oil equivalent until 2050, under the governments net-zero plans, which estimate total energy demand of 13 to 15 billion barrels of oil equivalent in that period.
Iraqs government has signed a deal with Chinese Geo-Jade Petroleum to expand production at the Tuba oil field, build a refinery and two power plants. The refinery that Geo-Jade Petroleum will build will have a capacity of 200,000 barrels daily.
Guyanas government has officially yanked the plug on the Frontera-CGX joint venture, canceling its oil prospecting license for the Corentyne block. supermajor running the show in the Stabroek Blockhome to over 11 billion barrels of oil equivalentthe Now, its official. With the U.S.
Libya has resumed production at the Mabruk oilfield after a decade-long shutdown, the Tripoli-based Government of National Unity (GNU) revealed on Wednesday. Production officially restarted on Sunday at an initial rate of 5,000 barrels per day, with plans for an increase to 25,000 bpd by July. mb/d currently to 2 mb/d in 2028.
million barrels daily. This compares to a government production target of 1.8 million barrels daily. According to a Reuters report, the Mexican state energy firm filed a report with the U.S. Securities and Exchange Commission saying it expected this years average daily oil output to 1.58
per barrel and West Texas Intermediate was changing hands for $65 per barrel, after U.S. and Chinese government officials said they had agreed on easing export restrictions and devising a framework for the resolution of their trade conflict. At the time of writing, Brent crude was trading at $66.82
Nigerias government has set a new, significantly higher, production target for the national oil company, aiming for 2.5 million barrels daily by the end of this year. When the new NNPC management visited me, I increased their oil production target to 2.5
The government announced plans for the 531,500-barrel-per-day facility, making it one of the largest in the regionbecause when youre an economy growing as fast as Indonesias, relying on imports just isnt cutting it anymore. Indonesia is going all-in on oil with a massive $12.5
Libya is split between dueling governments in its east and west, and sporadic stoppages and rounds of violence have left much of its energy infrastructure neglected and damaged. Authorities target daily oil output of 2 million barrels before 2030 — surpassing the 1.75 million daily barrels within a year, according to Seliman.
CALGARY – The Alberta government says Premier Danielle Smith has been in talks with a multinational oil and petrochemical player about selling two million barrels per month of province-owned heavy oil. It said in a news release that there was a meeting on Monday, but it did not identify the company or say what part [Read more]
billion from the energy industry—this may not sound very appropriate for a government that has made some big net-zero promises. Yet it is exactly what the Lula da Silva government in Brazil is doing. million barrels of crude daily. South America’s biggest country produces around 3.5
The potential deal with the multinational company, which Alberta didnt name, would be a first-of-its-kind transaction that would see the overseas transport and sale of about 2 million barrels per month of Government of Alberta owned heavy oil via the Alberta Petroleum Marketing Commission (APMC).
Nigerias government is urging the oil companies operating in the country to collaborate to increase oil output in the producer that hasnt been able to pump to its OPEC quota for years. million barrels per day (bpd) in the first quarter of the year, well below the 1.8 Nigerias crude oil production averaged 1.4
Guyanas Stabroek block has an estimated 11 billion barrels of oil in place discovered so far by the consortium of ExxonMobil, U.S. The high-volume, low-cost development offshore the South American country, which started production just five years ago, is already pumping more than 660,000 barrels per day (bpd) of crude. supermajor.
million barrels per day (bpd), matching the country’s all-time high set in March, according to figures leaked to Reuters. More than 70% of Kazakhstan’s oil is produced by international consortiums like Chevron and ExxonMobil, over which the government has no authority to impose cuts. in June to 1.88
Russia expects its natural gas exports, including via pipeline and LNG, to jump twofold by 2030 and threefold to 2050 under its new long-term energy strategy approved by the government on Monday. million barrels per day (bpd), in 2023 to 540 million tons, or 10.8 million bpd, by 2050.
GEIL has since received regulatory approval from the government to boost production to 30,000 bpd under a revised field development plan. The terminal itself boasts a storage capacity of 750,000 barrels. Plans are underway to increase storage capacity to three million barrels – dependent on market demands.
federal government has slapped new sanctions on Chinese companies involved in oil trading with Iran. per barrel and West Texas Intermediate was trading at $63.19 per barrel, both up from opening. Crude oil prices were set for a weekly gain earlier today, following the news that the U.S.
The government of Kazakhstan is talking with the supermajors operating its oil fields to reduce production in line with the OPEC+ agreement to which the Central Asian country is a party. We are in phases of discussions with the majors, we are having an open dialogue, energy minister Almasadam Satkaliyev said, as quoted by Reuters,
(Oil Price) – Saudi Arabia’s crude exports soared by 412,000 barrels per day (bpd) in April from March, the latest data by the Joint Organizations Data Initiative (JODI) showed on Tuesday. Domestic refinery intake slumped in April from March, which also freed more barrels for exports. million bpd.
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.
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. In late May, however, Washington revoked those licenses to take Venezuelan crude bound for U.S. and European refineries.
billion barrels of oil and gas could still be produced from UK waters – 3.2 The government’s independent advisers, the Climate Change Committee, say in a scenario where the UK meets all its climate targets on time, UK homes and businesses will still use between 13 and 15 billion barrels of oil and gas.
The government of pro-market libertarian Javier Milei said it would appeal the ruling to “defend national interests.” Vaca Muerta has hit production of over 400,000 barrels per day of oil and some 70 million cubic meters of gas per day. billion court judgment against the country over its 2012 nationalization of the firm.
Libya is split between dueling governments in its east and west, and sporadic stoppages and rounds of violence have left much of its energy infrastructure neglected and damaged. Authorities target daily oil output of 2 million barrels before 2030 — surpassing the 1.75 million barrels a day. Libya currently pumps about 1.4
Caspian Pipeline Consortium (CPC) blend oil exports have been capped at 1 million barrels per day, taking 700,000 bpd off the market, after Russia ordered the shutdown of two out of three moorings at the CPC main Black Sea oil export terminal. The order went into force on April 1.
Prime Minister Mohammed Shia Al-Sudani has laid the foundation stone for the expansion of the Najaf [Al-Ashraf] refinery, a strategic project that will increase refining capacity by 70,000 barrels per day. According to the Ministry of Oil, the expansion will raise the refinery's total production to 100,000 barrels per day.
billion, 20-year deal to take over the 75,000 barrel per day Block 60, or Sacha oil field. While the government has said that the consortium will boost production and revenue from Sacha, the planned handover without a tender has sparked criticism from former oil industry officials, trade unions, and politicians.
Offshore Energies UK said that local energy production was estimated at some 2 billion to 3 billion barrels of oil equivalent until 2050, under the governments net-zero plans, which estimate total energy demand of 13 to 15 billion barrels of oil equivalent in that period. By Irina Slav for Oilprice.com
per barrel and the WTI spot price will average $65.22 per barrel in 2025. per barrel in the third quarter of this year and $64.02 per barrel in the fourth quarter, according to the STEO, which showed that the organization is forecasting that the WTI spot price will average $64.69 per barrel in the fourth quarter of 2025.
Colombia has been struggling to reverse a decline in its oil production over the past five years and now has an ambition to boost its daily average to over 1 million barrels, from around 800,000 barrels in 2024.
“Of the ~21 million barrels per day of crude and product regularly flowing through the Strait, alternative utilization of pipes from the East to West Coasts of Saudi Arabia and through Fujairah in the UAE could divert up to eight million barrels per day of flows,” he added. “Would it be $120 or $130 initially?
million barrels a day of crude this month. The nations planned production for May, including condensate that isnt counted in OPEC+ limits, will be about 2 millions barrel a day, according to Bloomberg calculations using Energy Ministry data and a tons-to-barrels conversion rate of 7.33. Last week, Chevron Corp.
TIPRO also highlights strong tax contributions by the state’s oil and gas industry that continue to offer essential support of government coffers and provide important funding for public services. million barrels per day in the second quarter of 2025. Additionally, TIPRO points to recent data from the U.S.
(Oil Price) –Mexicos state oil firm Pemex is holding discussions with crude buyers in Asia and Europe to potentially sell there its oil, which is now being taxed with a 25% tariff by its single biggest customer, the United States, a senior government official in Mexico told Reuters. Energy Information Administration (EIA).
(Oil Price) –The April market rout, which crashed oil prices into the low $60s per barrel, is creating additional fiscal challenges to petrostates and oil-producing countries heavily dependent on oil revenues, on top of any tariff-related hardships.
Seaborne shipments of refined fuels totaled 2 million barrels a day in the first 20 days in June, according to data compiled by Bloomberg from analytics firm Vortexa Ltd. However, volumes available for export may be curbed by government initiatives to boost stockpiles to meet growing fuel demand from agricultural activity and summer travel.
That compared to an average of 50 cents a barrel a year ago, when record crude production at the top U.S. million barrels in the Permian were cut by the recent cold weather that hit operations, according to estimates from analysts at consultancy Energy Aspects. million barrels last week, its highest level in four months.
(World Oil) – bp has received final government ratification for its contract to invest in the redevelopment of several giant oil fields in Kirkuk, in the north of Iraq. The agreement is for an initial phase that includes oil and gas production of more than 3 billion barrels of oil equivalent.
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