International

On Wednesday, non-OPEC oil producer Kazakhstan vowed to compensate over the coming months for a lack of compliance with the voluntary cuts in the OPEC+ deal in January. “Kazakhstan has always supported the initiatives of the OPEC+ member countries,” the country’s Energy Ministry said in a statement today. Kazakhstan, as …

OPEC’s top official said global oil demand will continue strong growth this year and a peak in consumption doesn’t appear to be on the horizon. “We are seeing positive signs of good revisions to some parts of the global economy, most notably the United States,” OPEC Secretary-General Haitham Al Ghais …

The Johan Sverdrup oilfield in Norway, Western Europe’s biggest oilfield which came online in 2019, will likely reach peak production rates by late 2024, earlier than expected, Upstream reported on Tuesday. While this is bad news for Norway’s ambitions to continue strong oil production, Johan Sverdrup is now producing more …

OPEC’s second-largest producer, Iraq, is committed to its voluntary cut in the OPEC+ agreement and will produce no more than 4 million barrels per day (bpd) of crude oil, Iraq’s Oil Minister Hayan Abdel-Ghani said on Monday. Iraq, which pumped 4.292 million bpd in December, per OPEC’s secondary sources, is …

The last thing Senegal needed in its long-drawn-out effort to capitalize on large oil and gas finds off its coast was political turmoil. Africa’s newest natural gas superstar had bubbled with optimism when BP Plc, Woodside Energy Group Ltd. and Kosmos Energy Ltd. agreed to develop the fields off the …

Total gold demand hit an all-time high in 2023, according to a recent report released by the World Gold Council. Last week, the World Gold Council (WGC) released its Gold Demand Trends report, which tracks developments in the demand for and use of gold around the world. Excluding over-the-counter (OTC) …

The International Monetary Fund said on Sunday Middle East economies were lagging below growth projections due to oil production cuts and the Israel-Gaza conflict, even as the global economic outlook remained resilient. Despite uncertainties, “the global economy has been surprisingly resilient,” IMF managing director Kristalina Georgieva told the Arab Fiscal …

Brazil’s natural gas imports fell to a 20-year low last year, according to data from the National Agency for Petroleum, Natural Gas and Biofuels (ANP). Brazil’s nat gas imports fell to 6.5 billion cubic meters, or 228 billion cubic feet, according to ANP, as the country boosts its hydroelectric capabilities …

Venezuela is sending troops to its border with Guyana in an escalation of tensions over Guyana’s recent oil boom, according to reports citing satellite images and videos posted by Venezuela’s military. Venezuela is attempting to annex an area known as Essequibo, in which Venezuela’s President Nicolas Maduro in December said …

Security threats to commercial shipping in the Red Sea are not abating, they are escalating instead, and disruptions to maritime trade are expected to last up to a year, according to some of the biggest shipping companies in the world. Many container and tanker operators have been avoiding the Red …