Iraq announced it will reduce its oil exports to 3.3 million barrels a day to balance any increase above its OPEC+ quota in January and February.
The announcement was made this Monday by the Iraqi Ministry of Oil, in line with the voluntary cuts of the OPEC+ group of oil-exporting countries.
The…
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OPEC
Venezuelan oil production rose 4 % in February
The Organization of Petroleum Exporting Countries, OPEC, indicated that during the month of February of this year, Venezuela increased its production to 877,000 barrels per day.
The figure represents an increase of 4 % compared to the same…
US overtakes Saudi Arabia in oil production
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…
Texas Oil had its first year in red since 2020
Texas oil dropped almost 11% in value during 2023, marking its first negative year since 2020, when the COVID-19 pandemic erupted. This decline is attributed to volatile factors and, above all, to doubts about the capacity of demand to…
OPEC registered a slight increase in October
In October, the thirteen member countries of OPEC increased their oil production to 27.9 million barrels per day, registering an increase of 0.3% compared to September, according to the organization's monthly report published today.
The…
OPEC foresees sustained increase in oil demand until 2045
OPEC foresees that the demand for crude oil will be sustained until 2045, as long as investment in new projects is maintained to respond to these energy needs.
“Our reference scenario foresees that oil demand will reach 116 million barrels…
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…
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…
Arab countries from OPEC to cut voluntarily oil production
A voluntary cut in oil production was announced by Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Iraq and Oman. The measure will be applied from next May and until the end of the year.
This reduction is in addition to the one…
OPEC+ maintains its production plans
The Joint Ministerial Supervision Committee (JMMC) of OPEC+, a group formed by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, has determined to maintain the 'status quo' in oil production, as…
Oil demand will exceed 100 million barrels
The International Energy Agency (IEA) expects global oil demand to grow by 1.9 million barrels per day (mb/d) in 2023, to a record 101.7 mb/d in total.
Regarding the data for 2022, the demand for crude oil by the OECD countries "collapsed"…