International

OPEC+ achieved a compliance level with its agreed oil production cuts of 113 per cent in March, unchanged from levels in February, two sources from the producer group told Reuters on Tuesday. Compliance from members of the Organization of the Petroleum Exporting Countries (OPEC) reached 124 per cent, while non-OPEC …

Ministers of countries participating in the OPEC+ oil production limiting agreement are discussing a shorter format of talks in late April. They can abandon the ministerial meeting and leave the meeting of the Joint Ministerial Monitoring Committee (JMMC), a source in OPEC told TASS on Monday. “Such an idea is …

Iraq’s Bay Hassan oil field in the northern Kirkuk region was unaffected by an attack, the oil ministry said April 17, as OPEC’s second largest producer continues to grapple with security incidents against its energy infrastructure. Two oil wells in Bay Hassan field were struck by two explosives without causing …

The world’s largest oil company and biggest oil exporter, Saudi Aramco, has resumed tendering and development work on major offshore oil expansion projects that would give Saudi Arabia another 1.15 million barrels per day (bpd) of production capacity by 2024, Argus reported on Friday, citing a contractor with knowledge of …

Russia’s revised oil strategy will focus on maximizing monetization from crude exports before hitting peak production in 2027-2029 and seeing world demand drop, according to a draft document on the development of the sector up to 2035 being reviewed by the State Duma and set to be approved by the …

OPEC on April 13 raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market. Demand will rise by 5.95 million bbl/d in 2021, or 6.6%, OPEC forecast in …

U.S. Rig Count is up 2 from last week at 432 with oil rigs unchanged at 337, gas rigs up 2 to 93, and miscellaneous rigs unchanged at 2. U.S. Rig Count is down 170 rigs from last year’s count of 602, with oil rigs down 167, gas rigs down …

India has emerged as the top buyer of US crude in the first quarter of calendar year 2021 from second-biggest buyer last year as the world’s third largest oil consumer looks at alternate sources of crude amidst a spat with Saudi Arabia, the world’s largest producer, to lift output curbs, …

The recent decision by the Organisation of the Petroleum Exporting Countries and its allies to increase their oil production quotas and the prospect of higher Iranian output point to a smaller global oil market deficit this year than previously envisaged, Capital Economics has said. The London-based economic research company said …

China’s crude oil imports are estimated to have declined by 8.81 percent month over month in March to stand at 11.26 million barrels per day (bpd), energy analytics services provider OilX said, noting that its assessment doesn’t show massive crude flows from Iran into China last month. In recent weeks, …