Saudi to Implement Huge Oil Cuts in July as OPEC+ Extends Deal into 2024
Saudi Arabia announced that it will implement deep oil production cut in July on top of a boarder OPEC+ deal to limit supply into 2024, Reuters added.
Oil | Egypt Oil & Gas - Part 4
OPEC Secretary General: Underinvestment Could Cause Market Volatility
Underinvestment in the oil and gas sector could cause long-term market volatility, stated Haitham Al Ghais, OPEC Secretary General, in a report from Reuters.
Iran, Iraq Oil Ink Energy Cooperation MoU
Iran, Iraq signed a memorandum of understanding (MoU) to cooperate in oil, gas, and petrochemical projects.
US Weekly Oil, Gas Rig Count Up 43 Rigs Compared to Last Year Despite Deep Decline: Baker Hughes
Despite the deepest weekly decline in US energy firms' oil and natural gas rig count since February, Baker Hughes pointed out that the total count was still up 43 rigs, 6% more compared to the same period last yea ...
bp’s Profits Reach $5B in Q1 2023, Shares Decline
bp made $5 billion profit in the first quarter of 2023 while the company’s shares fell as it slowed a share buyback program.
El Molla Emphasizes Necessity of Increasing Crude Oil Production
Minister of Petroleum and Mineral Resources Tarek El Molla has stressed the importance of meetings that discuss ways of developing and increasing crude oil production and their role in enhancing coordination all r ...
IEA’s Birol Warns of Tight Global Oil Market in H2 2023
The surprising announcement of OPEC+ to implement voluntary production cuts of 1.66 million barrels per day from May until the end of the year could cause tightness in the second half of this year, according to Fa ...
Chevron’s Anchor Platform to Give Much-Needed Production Boost
Chevron announced that the Anchor semi-submersible oil platform, part of the company’s U.S. Gulf of Mexico offshore project, is near completion.
Oil Prices Surge as OPEC+ Suprises Markets with Production Cuts
After the Organization of the Petroleum Exporting Countries and their allies including Russia (OPEC+) shocked the markets by announcing further production cuts of about 1.16 million barrels per day, oil prices inc ...
Iraq Calls on Turkey to Resume Oil Exports After KRG Deal
Following a deal between Iraq’s federal government and the Kurdistan Regional Government (KRG), northern oil exports through Ceyhan are planned to resume and Baghdad will write to Turkey to restart pipeline flows. ...
