The US already produces 40% more oil than Saudi Arabia, and the gap continues to widen. This situation, which seemed unimaginable less than 10 years ago, has become a reality thanks to the success of fracking (hydraulic fracturing) and shale oil (shale oil) in the United States. The American nation…
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Barrels
Venezuelan oil exports drop in April
Venezuela registered an average oil production of 420,000 barrels per day in April, some 410,000 barrels per day less than the goal established by PDVSA, which projected some 830,000 barrels per day of production for last month.
According…
Commercial crude oil reserves in the US increase
The US Energy Information Agency (EIA) announced that commercial oil reserves in the United States increased by 9.4 million barrels; however, gasoline storage suffered a sharp decrease equivalent to 3.6 million barrels, while distillate…
Venezuela will produce a maximum of one million oil barrels per day
The economist and oil expert Rafael Quiroz pointed out that the most Venezuela could produce this year is one million barrels per day. In his opinion it is "impossible" for the country to produce 2,000,000 barrels of crude oil per day, as…
OPEC + agreed to maintain production increase at 400,000 barrels per day
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC +, agreed on Wednesday to keep their plans to increase crude production by 400,000 barrels a day, the cartel reported in a statement.
OPEC…
Oil demand will drop to 20 million barrels a day
The crisis generated by the pandemic will cause global oil demand to sink to 20 million barrels per day during the month of April, according to calculations by the Organization of the Petroleum Exporting Countries (OPEC).
In its monthly…
Oil companies from nine countries will dispute auction in Brazil
In an auction that will be held on November 7, major oil companies in the world will enter into a bid in order to obtain exploration and exploitation rights in five areas of the Brazilian presal, one of the most coveted oil reserves where…
Venezuelan oil production fell 4% in July
Despite the resounding fall, in recent months it has stabilized around a pumping of about 700,000 barrels per day (bd). The data were incorporated into the monthly report released in Vienna by the Organization of Petroleum Exporting…
OPEC estimates world economy will keep growing by 2020
The report on the crude oil market indicates that the growth in world daily oil demand is forecast at 1.14 million barrels for two years. The organization estimates a strong seasonal demand for the second half of this year, as evidenced by…