Oil

Kazakhstan plans to produce 88.4 million tonnes of oil in 2024 instead of the previously announced 90.3 million tonnes, Energy Minister Almasadam Satkaliyev said. Oil production in the country totaled 73.5 million tonnes in the first ten months of 2024, Satkaliyev said during the government hour in the lower house …

The Czech Republic will phase out Russian oil imports by July 2025, Deputy chairman of the statement pipeline company MERO suggested on Friday. The move is part of the country’s energy diversification journey, although it hinges on the completion of a $60 million upgrade to the Trans Alpine (TAL) pipeline. …

Brent Crude oil prices are set to average $76 per barrel next year, down from an expected average of $80 a barrel in 2024, amid an expected surplus on the market, according to Goldman Sachs. “Our base case is that Brent stays in a $70-85 range, with high spare capacity …

Oil prices edged up on Monday after fighting between Russia and Ukraine intensified at the weekend, though concern about fuel demand in China, the world’s second-largest consumer, and forecasts of a global oil surplus weighed on markets. Brent crude futures gained 29c, or 0.4%, to $71.33 a barrel by 5.02am …

Crude oil prices looked set for yet another weekly loss, pressured by the perception of softer-than-expected demand in China. The decline comes in spite of the International Energy Agency’s recent upward revision of oil demand growth for this year. That could be because the agency also revised its 2025 demand …

The return of Libya’s oil production to full capacity raised the total OPEC output by 466,000 barrels per day (bpd) in October from September, the cartel’s monthly report showed on Tuesday, less than two months ahead of a planned reversal of part of the cuts. Total crude oil production in …

Over a quarter of U.S. oil production capacity in the Gulf of Mexico remained offline after hurricane Rafael weakened to a tropical storm that the U.S. National Hurricane Center expects to move on south and southwest this week. As of Sunday, over 480,000 bpd in oil production capacity and 310 …

Beleaguered North African oil producer Libya is set to announce within months its first oil and gas exploration bid round since the civil war began in 2011, Libyan Oil Minister Khalifa Abdul Sadiq told Bloomberg in an interview. OPEC member Libya plans to offer blocks both onshore and offshore in …

China’s crude oil imports continue to be weak, with October marking the sixth consecutive month in which crude cargo arrivals have lagged behind the imports in the same months of 2023, official Chinese data showed on Thursday. Last month, China imported a total of 10.53 million barrels per day (bpd) …

The Biden Administration plans to offer the minimal possible acreage in a Congress-mandated oil and gas lease sale in the coastal plain of Alaska’s Arctic National Wildlife Refuge, the Bureau of Land Management (BLM) said late on Wednesday. The BLM is required in the 2017 Tax Act by Congress to …