Venezuela | Egypt Oil & Gas - Part 2

Venezuela Restarts Gasoline Production at Cardon Refinery

Venezuela’s state-run oil company, Petroleos de Venezuela, has resumed gas output at Cardon refinery in the midst of widespread fuel shortages.

Venezuela’s PDVSA Creates New Unit for Oil Terminals

Venezuela’s state-run oil company Petroleos de Venezuela (PDVSA) has created a new unit to run its oil terminals.

OPEC Production Hits 5-Year Low

OPEC produced 29.6 million per day (b/d) in June, down by 170,000 b/d compared with May.

OPEC-led Group Able to Cover Supply Shortage: Russian Energy Minister

Russian energy minister Alexander Novak has expressed confidence that the OPEC-led group of crude exporters are capable of covering potential supply shortages.

OPEC Supply Cuts: Oil Production 9% Lower than Agreed

Signatories to the OPEC non-OPEC supply cut agreement reduced production in July by 9% more than agreed, according to an official committee.

Kuwait Raises Output by 85,000 bpd

Kuwait started raising its oil output by 85,000 barrels per day (b/d) from July 1, in accordance with the recent agreement between OPEC and non-OPEC producers to increase production by 1 million b/d.

Oil Rises on Iran Supply Concerns

Oil prices rose on June 27 after US officials ramped up pressure on its allies to end imports of Iranian crude by November.

Saudi Aramco has 2M b/d in Spare Capacity: CEO

Saudi Aramco has 2 million barrels per day (b/d) in spare capacity, double the expected OPEC-sanctioned increase in production.

OPEC, Russia Agree to Raise Production

OPEC has agreed with Russia and other non-OPEC producers to raise oil production from July.

Oil Falls 2% Ahead of OPEC Meeting

Oil prices fell on June 21 as producers prepared to discuss the lifting of production cuts at the biannual OPEC meeting on June 22 in Vienna.

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