The Saudi Arabian Ministry of Energy announced last week that the country has reduced its total oil production capacity by 600,000 barrels per day due to the conflict in Iran, which has led to the suspension of operations at some of the country’s main energy facilities.

The local authority stated that “the Manifa oil processing plant, located in the Eastern Province on the country’s east coast, has suffered a reduction of approximately 300,000 barrels per day in its production capacity due to the attacks it has sustained.”

The attacks have also affected “a pumping station on the 1,200-kilometer East-West pipeline that connects the Abqaiq oil field in the Eastern Province, across the Arabian Peninsula to Yanbu,” resulting in losses of approximately 700,000 barrels per day in the volume pumped through this infrastructure.

The country’s authorities have identified energy sectors affected by the escalation of hostilities in the region, including “production, transportation, petrochemical, and oil and gas refinery facilities, as well as the electricity sector in Riyadh, the country’s capital, the Eastern Province, and the industrial port city of Yanbu.”

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La entrada Saudi Arabia’s oil production falls by 600,000 barrels per day apareció primero en Bitfinance.

U.S. Energy Secretary Chris Wright visited the oil fields Chevron operates in Venezuela on Thursday, February 12, and indicated that the company can increase production to 300,000 barrels per day.

According to Wright, “there is no doubt” that the oil company can increase production to that amount. “It’s about making the two agreements, political and economic, as smooth as possible between our countries,” he told the state-run television channel Venezolana de Televisión (VTV).

The Washington envoy toured the facilities of the plants in the Orinoco Oil Belt alongside the acting president, Delcy Rodríguez, and a delegation from the oil industry.

The area is key, as it “covers 55,314 square kilometers and is located south of the states of Guárico, Anzoátegui, Monagas, and Delta Amacuro (east)” and, according to the state-owned PDVSA, “contains 87 % of Venezuela’s reserves, making it ‘the largest crude oil reserve in the world’.”

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Source: primicias

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La entrada Chevron can increase oil production in Venezuela to 300,000 barrels per day apareció primero en Bitfinance.

Chevron, the main partner of Venezuelan state-owned oil company PDVSA, plans to increase its crude oil exports to the United States from 100,000 to 300,000 barrels per day.

To date, Chevron “has chartered about a dozen tankers to increase exports and reduce accumulated stockpiles at its projects since December.”

According to sources close to the oil company, the figure projected for March “represents a significant increase compared to the 100,000 bpd shipped in December and exceeds the approximately 230,000 bpd that the company has dispatched so far this month.”

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La entrada Chevron to increase Venezuelan oil exports to the US apareció primero en Bitfinance.

The U.S. Energy Information Administration (EIA) forecasts an increase in global oil production of 800,000 barrels per day in 2026, thanks to the prominent role of Argentina, Brazil, and Guyana: three non-OPEC countries that will contribute an average of 400,000 barrels per day.

This projection has not gone unnoticed by the United States, which is currently focusing on South American nations in terms of crude oil supply for this year.

The IEA has stated: “Global crude oil production has been driven by non-OPEC countries, which will increase by 800,000 barrels per day in 2026, with Brazil, Guyana, and Argentina accounting for 400,000 barrels per day of global growth.”

In the case of Brazil, the agency projects a significant increase in crude oil production thanks to the operation of “new floating production, storage, and offloading (FPSO) units designed to exploit deepwater oil resources,” with projects such as the Bacalhau field, developed by the Norwegian company Equinor. This year, it could reach 4 million barrels per day by 2026.

Guyana “stands out for having increased its production tenfold between 2020 and 2025, reaching an average of 750,000 barrels per day,” thanks to discoveries in the Stabroek offshore block, operated by the consortium led by Exxon Mobil, in collaboration with Chevron and the China National Offshore Petroleum Corporation (CNOOC). By last November, production had risen above 900,000 barrels, according to the Department of Energy agency.

“Finally, the EIA focuses its attention on the Argentine case, particularly on the shale oil formation in Vaca Muerta, where the US model employing fracking or hydraulic fracturing technology is being adopted.”

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Source: elinformador

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La entrada Brazil, Guyana, and Argentina stand out as key suppliers of oil in 2026, according to the IEA apareció primero en Bitfinance.

Starting in December, OPEC+ will increase its crude oil supply to the market to 137,000 barrels per day, marking the organization’s ninth consecutive increase.

The decision was announced this Sunday, November 2, by the ministers of eight countries in the OPEC+ alliance, led by Saudi Arabia and Russia, who indicated that there will be no monthly increases between January and March 2026.

The measure was taken considering “a stable global economic outlook and current healthy market fundamentals, reflected in low oil inventories,” according to a statement issued in Vienna by the Organization of the Petroleum Exporting Countries (OPEC).

It was learned that the increase in oil supply will be applied “starting with the 1.65 million barrels per day (mbd) of additional voluntary adjustments announced in April 2023.”

The eight countries reiterated the importance of adopting a prudent approach and maintaining the flexibility to continue pausing or reversing the additional voluntary production adjustments.

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Source: notitarde

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La entrada OPEC+ agreed to increase oil supply starting in December apareció primero en Bitfinance.

Starting next October, the Organization of the Petroleum Exporting Countries (OPEC+) will increase production to 137,000 barrels per day, according to eight members at a virtual meeting last Sunday, September 7.

Thus, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman agreed to this production increase following the “voluntary adjustments of 1.65 million barrels, which were previously implemented in April 2023.”

Representatives of these eight nations indicated that the 1.65 million barrels of crude oil per day “will be gradually subject to changing market conditions.” The governments will closely monitor market conditions, maintaining a cautious and flexible approach.

They reiterated their “collective commitment to act in full compliance with the Declaration of Cooperation, as well as the voluntary production adjustments that will be evaluated by the Joint Ministerial Monitoring Committee.” They will hold another meeting on October 5 to review the international market.

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Source: notitarde

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La entrada OPEC+ agreed to increase production to 137,000 barrels per day in October apareció primero en Bitfinance.

Starting next September, the crude oil supply of the OPEC+ alliance, led by Saudi Arabia, will increase to 547,000 barrels per day.

The organization indicated that the measure will seek to address the constraints faced by industries starting on the 1st of next month, “thus completing the return of 2.2 million barrels per day (mbd) that it withdrew from the market in 2023.”

The increase is not surprising, as it is in line with current market requirements. Furthermore, it responds to “the stability of the global economic outlook and the current solid fundamentals” that reflect low oil inventories.

The measure was approved at a virtual meeting attended by oil ministers from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. The next meeting will be held on September 7 to assess whether production levels will be adjusted again.

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La entrada OPEC+ to increase crude oil supply by 547,000 barrels per day starting in September apareció primero en Bitfinance.

Crude oil pumping will increase to 548,000 barrels per day starting August 1, according to a decision by OPEC+.

The measure was agreed upon by 22 members of the Saudi-led organization through a virtual meeting last Saturday, July 5.

In an official statement, OPEC+ announced the increase in crude oil production to 548,000 barrels per day, “a volume 137,000 bpd higher than the previous three months and what was expected in the markets.”

OPEC+ has dismissed criticism of the measure and justifies opening the taps to increased production by expressing optimism regarding supply and demand in the coming months.

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Source: primicia

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La entrada OPEC+ to increase crude oil production to 548,000 barrels per day apareció primero en Bitfinance.

OPEC+ will increase oil production to 411,000 barrels per day starting June 1, which represents three times the initial target.

The increase in crude oil production, according to the decision made this Saturday, May 3, and announced by OPEC, will be led by Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.

The statement stated: “Given the current strong market fundamentals, reflected in low oil inventories, these eight countries, a key group of the alliance comprised of the twelve OPEC members and ten allied oil-producing nations, will implement an upward adjustment of 411,000 barrels per day in June 2025.”

With this decision, the aforementioned countries “will have increased their supply by 959,000 barrels per day and thus completed, in just three months, almost half of the total planned.”

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La entrada OPEC+ to increase crude oil supply by 411,000 barrels per day in June apareció primero en Bitfinance.