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Kenya Plans to Launch Crude Oil Exports in 2026

OilPrice

Kenya hopes it will begin commercial crude oil production and exports next year, Opiyo Wandayi, Cabinet Secretary for Energy and Petroleum, said on Monday, as companies are finalizing an asset sale and development project plans for an onshore resource basin.

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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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Oil Prices Set For Weekly Loss as War Premium Evaporates

OilPrice

Crude oil prices were set to end the week lower than they started it as Israel and Iran stopped bombing each other, alleviating fears of a supply disruption in the Middle East. At the time of writing, Brent crude was trading at $68 per barrel, with West Texas Intermediate at $65.55 per barrel.

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Oil Prices Dip as OPEC+ Boosts Supply

OilPrice

Crude oil prices began trading with a loss this week as traders anticipated another OPEC+ supply boost next month at a rate of 411,000 barrels per day, taking the cumulative increase this year to 1.78 At the time of writing, Brent crude was trading at $67.63 At the time of writing, Brent crude was trading at $67.63

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How High Will Oil Prices Go on a Middle East Supply Disruption?

OilPrice

Crude oil prices could rise by between 15% and 20% from pre-war levels in case of disruption of 1.1 million barrels daily in production, Citi analysts have said, putting Brent crude’s wartime price at between $75 and $78 per barrel. Citi, however, does not believe supply disruption would have…

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Venezuela Replaces U.S. Oil Giants with Chinese and Argentine Firms

OilPrice

Venezuela hasn’t waited long to replace Western service providers in its oil industry after the U.S. sanctions, Western oil producers were given time until May to wrap up their operations in Venezuela, home to the world’s biggest crude oil reserves. Under the U.S.

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OPEC Tensions Build as Kazakhstan's Oil Production Hits All-Time High

OilPrice

Kazakhstan’s crude oil output jumped 7.5% Total oil and condensate production rose to 2.15 in June to 1.88 million barrels per day (bpd), matching the country’s all-time high set in March, according to figures leaked to Reuters. This puts Kazakhstan well over its official OPEC+ quota of 1.5 million bpd in June, up from 2.02