International

Iraq aims to finalize the sale of Exxon’s stake in the West Qurna-1 oil field by the end of June even after rival U.S. supermajor Chevron Corp. rejected overtures to buy the position. Basra Oil Co., the state-run company overseeing crude production in the region, may open talks with more …

Iraq’s Oil Minister, Ihsan Abdul-Jabbar, announced last week that the country plans to increase its oil production capacity to 8 million barrels per day (bpd) by 2029, compared to current production of around 3.8 million bpd that factors in OPEC-mandated cuts. Based on its vast oil resources there is no …

One of Libya’s state oil producers said it would have to cut as much as 100,000 barrels a day of output this week, a further sign that a budgetary crisis is threatening the OPEC member’s energy industry. Sirte Oil Co. will be forced to “reduce production and halt it completely …

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 …