The US Energy Information Agency (EIA) revealed that commercial oil reserves in the United States suffered a spectacular drop of 17 million barrels during the week ending July 28. This reduction is much greater than what the market expected and represents a record in the reduction of inventories.…
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oil
Oil giants suffer drop in profits in 2023
Oil and gas multinationals experience a significant decline in their profits during the first half of the year, as a result of the fall in fuel prices, after an exceptional 2022. However, these companies continue to be profitable.
On…
Saudi Arabia and Russia cut oil exports for an additional month
After a recent agreement between Russia and Saudi Arabia, it became known that both regions will maintain the cut in oil exports for another month.
According to the announcement on the measure, exports from Saudi Arabia will remain at 9…
Oil production in Venezuela increased 43 % in six months
Oil production in Venezuela went from 630,000 barrels per day to more than 850,000 since January 2023. This was reported by the president of PDVSA and Minister for Oil, Pedro Tellechea.
The figures indicated by the Venezuelan official…
Brent barrel price could reach $ 90
The price of Brent will rise in the short term, reaching up to 90 dollars per barrel if China recovers and the actions taken by the President of the United States Federal Reserve, Jerome Powell, prevent a recession in the United States.…
OPEC+ will keep pumping cut until 2024
Vienna hosted this Sunday the meeting of the OPEC+ oil and energy ministers, who agreed to extend the cut in current oil pumping for another year, until 2024.
The representatives of the 23 countries that make up the group also made…
OFAC authorizes limited transactions of US firms with PDVSA
The Government of the United States announced this Tuesday, through OFAC, the authorization of some transactions of four US firms with the state oil company Petróleos de Venezuela (PDVSA), prohibited since November 2018, while maintaining…
Venezuela and Iran sign agreements on oil, gas and petrochemicals
The state oil company PDVSA signed several memorandums of understanding with Iran, regarding oil, gas and petrochemicals. These are the first binational initiatives after the resignation of Tareck el Aissami from the Ministry of Petroleum.…
Brent Crude price is below USD 71
This week begins with a downward marker in the value of Brent Crude, which for the first time since 2020 is below USD 71.
According to data from the ICE (London) stock market, the price of Brent has been showing a downward trend. In this…
Oil production increased to 30 million barrels per day
The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report, noting that oil production has risen to 30 million barrels per day, representing an increase of 117,000 barrels per day since January. The additional…
Chevron’s contribution to crude oil production in Venezuela is 87 thousand bpd
The expert on the oil issue Rafael Quiroz has indicated that the contribution of the Chevron company to oil production in Venezuela amounts to 87,000 barrels per day.
The economist pointed out on Tuesday that, despite this figure, the US…
Texas leads renewable energy business
The state of Texas was at the time the starting point for the extraction and commercialization of oil in the United States. It now leads the renewable energy market.
According to recent reports, windmills and solar panels are now…