International

Oil and gas analysts are anticipating a bounce back in exploration spend from the historic lows of recent years. Investment, excluding appraisal, is expected to average $22 billion per annum in real terms up to 2027, according to a new report from Wood Mackenzie. Driving the looming increase is tailwinds …

Saudi Arabia’s crude oil exports dropped in June to the lowest level in 21 months, the latest data by the Joint Organizations Data Initiative (JODI) showed on Wednesday. The Kingdom, the world’s top crude oil exporter, shipped 6.80 million barrels per day (bpd) of crude in June, down by 124,000 …

The U.S. shale patch, which accounts for most of the non-OPEC+ oil supply growth, is set to deliver stronger-than-anticipated production gains this year. Several significant producers raised their production guidance after announcing strong or record output in the second quarter, while the U.S. Energy Information Administration (EIA) raised its 2023 …

Exactly a month after Prime Minister Narendra Modi and President of the UAE, Sheikh Mohamed bin Zayed Al Nahyan, signed a Memorandum of Understanding on trade in national currencies, the Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited (IOCL) made their first-ever crude oil transaction in national …

Last month, the UAE declared it will not join Saudi Arabia in making voluntary oil production cuts, claiming that the cuts by the Saudis are enough to balance the markets. This is hardly surprising considering that the UAE has long argued that it should be allowed to pump more than …

Libya has for the first time in the country’s history given domestic private companies the opportunity to invest in the field of oil production, Libya’s National Oil Corporation (NOC) said Sunday. NOC’s Board of Directors called on private Libyan companies to invest in the field as part of the strategy …

Iraq has secured its position as the fifth-largest country worldwide regarding oil reserves, as stated by the Italian oil corporation Eni. Eni’s data reveals that Iraq has a substantial oil reserve of 145.019 billion barrels for 2022, reflecting a marginal compound growth rate of 0.1%. In 2010, Iraq held 143.100 …

The U.S. Energy Information Administration (EIA) announced on Sunday a substantial increase in Iraq’s oil exports to the United States, reaching 305,000 barrels per day in the past week. According to data provided by the EIA, the average U.S. crude oil imports from eight key countries during the previous week …

A subsidiary of China National Petroleum Corp (CNPC), Daqing Drilling Engineering Co, has been awarded the contract for the development of the Rumaila oilfield in Iraq. The Rumaila oilfield in southern Iraq, near to the Kuwaiti border, will see Daqing drill wells with two rigs as part of a $194 …

MetalMiner actively posts on a variety of metals and market developments. However, we prefer to discuss topics that our clients bring to us, especially those that keep buyers awake at night. One such topic that has been recurring over recent months is the anxiety surrounding the LME aluminum quotation. Specifically, …