Iran expects its oil production to rise to 3.6 million barrels per day (bpd) by the end of the current Iranian year in March 2024, from around 3.3 million bpd now, Iran’s Oil Minister Javad Owji has said. The minister talked about Iranian oil production during a visit by Iran’s President Ebrahim Raisi to the.
Nigeria’s economy recorded flat growth in the third quarter, as oil prices somewhat stabilized while the impact of reforms by the newly created government at boosting output were yet to have an impact. The economy expanded by 2.54% in Q3 2023, a slight improvement from 2.51% posted in the second quarter but way below the 6% clip.
Supported by the United States, France will propose at the COP28 climate summit in Dubai an exit of private financing for coal-fired power plants, Reuters reported on Tuesday, citing sources with knowledge of the talks. According to Indian officials who spoke to Reuters, France has discussed with India – a large coal consumer – a.
The world’s top oil fund, United States Oil ETF (NYSEARCA: USO), booked on Tuesday its biggest daily outflows since December 2016 amid heightened volatility ahead of the OPEC+ meeting which was scheduled for the coming weekend but has since been delayed. USO saw daily withdrawals of nearly $225 million, according to estimates by Bloomberg. United.
Australia’s energy major Santos has said it expects lower natural gas production next year as its Bayu-Undan offshore gas field nears depletion. While the level of gas production for 2024 is in line with analyst expectations, at between 89 and 93 million barrels of oil equivalent, it is lower than the expected output level for.
The current oil market deficit will turn into a slight surplus next year even if OPEC+ leaders Saudi Arabia and Russia extend their production and export cuts into 2024, Toril Bosoni, the Head of Oil Industry and Markets Division at the International Energy Agency (IEA), told Reuters on Tuesday. Global oil stocks are currently falling “at a.
Crude oil inventories in the United States rose again this week, adding 9.05 million barrels into inventory for week ending November 17, according to The American Petroleum Institute (API), after a 1.335-million-barrel rise in crude inventories in the week prior, API data showed. Analysts had expected a 1.467 million barrel build. API data shows a net build.
The national oil producer of the United Arab Emirates and Australia’s energy group Santos have teamed up to jointly explore the development of a global carbon management platform to help customers in the Asia Pacific region cut emissions. Abu Dhabi National Oil Company, which pumps nearly all the oil in OPEC’s third-largest producer, the UAE,.
The costs of decommissioning oil and gas platforms in the UK’s North Sea could overtake capital expenditure in the industry by 2040, a new report from Offshore Energies UK has suggested. At the moment, decommissioning costs represent a relatively small part of oil and gas companies’ total spending. Last year saw decommissioning costs accounted for.
JP Morgan has forecast an average price for Brent crude of $83 per barrel next year amid a stable market. The forecast is based on the analysts’ expectations of resilient demand for oil in the United States, strong demand growth in emerging markets, and stability in European markets. For 2025, JP Morgan analysts said they.
