OPEC+ Revises Downwards its Oil Surplus Projections
According to a report seen by Reuters, OPEC+ is lowering its estimates for an oil market surplus this year. The report, which was created prior to the OPEC+ JTC meeting...
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Kuwait Believes it Can Reach Its Oil Production Quota for July
Sheikh Nawaf Saud al-Sabah, chief executive of the state-owned KPC, said on Tuesday at the Bloomberg Qatar Economic Forum that Kuwait can expand production to reach its July output quota....
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Namibia Believes Recent Major Oil Discoveries Will Boost its Economy
Recent large oil discoveries in Namibia might help it treble its economy in the next two decades, according to the chairperson at the National Petroleum Corporation of Namibia (NAMCOR), who...
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China Working on Investing in the World’s Largest Offshore Gas Project
According to Reuters, which cited unnamed sources, Chinese state-owned energy corporations are negotiating investments in the expansion of Qatar's North Field and are ready to sign long-term supply contracts. Qatar's...
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Russia Says It May Continue With OPEC+ Deal Even After 2022
According to Russian Deputy Prime Minister Alexander Novak, Russia's participation in the OPEC+ oil output pact could continue even after it officially expires at the end of this year. Novak...
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Oil Demand to Reach Record-High in 2023 – IEA
The International Energy Agency (IEA) stated on Wednesday in its initial outlook for 2023 that oil demand growth will accelerate next year, with world demand averaging a record 101.6 million...
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Oil Prices Soar as OPEC Reports a Drop in Production in May
According to the OPEC Monthly Oil Market Report released on Tuesday, the cartel did not increase output in May as promised but instead it recorded losses for the month. Saudi...
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Libya Loses 1.1 Million Bpd as Nearly All Its Oil Fields are Currently Not Producing
Libya's oil production is declining at a rate of 1.1 million barrels per day, according to the country's oil minister, Mohammed Aoun, who also stated that nearly all of the...
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Germany Could Spend $10 Billion To Bail Out Gazprom Germania GmbH
According to Bloomberg on Monday, Germany could lend up to $10.4 billion (10 billion euro) to bail out a former unit of Russia's Gazprom that the German government expropriated earlier...
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High Gasoline Prices May Limit Support for Energy Transition – Chevron’s CEO
According to Mike Wirth, CEO of Chevron, record-high fuel costs in many nations may weaken public support for a green energy transition, as consumers have begun to associate high prices...
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