ExxonMobil-led Guyana Hammerhead oil project will have up to 30 wells: government

Guyana’s Environmental Protection Agency has begun a review of an ExxonMobil-led consortium’s intended seventh oil project known as Hammerhead, where up to 30 wells are to be drilled at the site located at the country’s offshore Stabroek Block, the government’s official news agency said July 16....


Qatar sets Sept al-Shaheen crude term price at 3-month high, sources say

QatarEnergy has raised the September term price for al-Shaheen crude to $1.88 a barrel above Dubai quotes, trade sources said on Wednesday, the highest premium in three months. The term price, up from a premium of $1.21 a barrel for August, was set after QatarEnergy sold three cargoes via a tender,...


Iraq acknowledges OPEC+ overproduction, vows compensation and quota adherence

Iraq on July 13 acknowledged it produced 184,000 b/d over its OPEC+ quota in June, based on secondary sources estimates, and pledged to compensate for its excess output by a September 2025 deadline under the latest OPEC+ agreement by making additional cuts of equivalent volume. OPEC’s second...


China’s thermal power generation falls on year for second straight month

China’s thermal power generation fell on the year for a second straight month in June as hydropower generation surged, data from the National Bureau of Statistics showed. Thermal electricity, generated mostly by coal-fired capacity, fell 7.4% in June after declining by 4.3% in May. However, thermal...


Russian deputy PM says global oil market will be balanced from second half of 2024

Russian Deputy Prime Minister Alexander Novak said the global oil market will be balanced in the second half of the year and thereafter, thanks to the OPEC+ deal on production supply. OPEC+, which groups the Organization of the Petroleum Exporting countries and allies such as Russia, has...


Oil and gas activity in US Rockies, Midwest fell in Q2, Kansas Fed says

Oil and gas activity in the U.S. Midwest and Rockies declined during the second quarter, but is expected to rebound over the next six months, the Federal Reserve Bank of Kansas City said in a quarterly energy survey. The survey covers companies drilling in Kansas, Colorado, Nebraska, Oklahoma and...


CHINA DATA: Q2 crude throughput falls on year as GDP growth slows to 4.7%

China’s crude throughput extended its year-on-year decline in June as its gross domestic product growth slowed to 4.7% in the second quarter, National Bureau of Statistics data released July 15 showed. China processed 14.25 million b/d (58.32 million mt) of crude in June, falling 3.7% year on year...


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