The Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al Ghais said the organization’s market share is expected to rise to 40% by 2040-2045, Al-Arabiya TV reported on Thursday. “This will happen after production decreases from countries outside OPEC+ or outside...
Global crude markets are bracing for tighter supply conditions and price hike as the one million barrel per day of extra output cut by Saudi Arabia takes effect this month. The additional Saudi cut is likely to deepen the market deficit to more than three million bpd in July, which could push...
https://www.hellenicshippingnews.com/how-will-extra-saudi-oil-output-cut-impact-supply-prices/
U.S. oil and gas production continued to trend higher through April – a delayed response to very high prices in the middle of 2022 after Russia’s invasion of Ukraine. But the fall in prices and drilling rates since late 2022 is set to reduce output in the second half of 2023 and tighten markets for...
https://www.hellenicshippingnews.com/u-s-oil-and-gas-production-set-to-turn-down-later-in-2023/
Additional oil output and export cuts made by Saudi Arabia and Russia earlier this week should be enough to help balance the oil market, United Arab Emirates’ energy minister Suhail Al Mazrouei told reporters on Wednesday. OPEC+, a group comprising the Organization of the Petroleum Exporting...
The price of Russia’s flagship Urals oil blend in roubles reached a 12-month high this week and exceeded the breakeven level for the federal budget due to substantial weakening in the currency, Reuters calculations showed. The Urals price rose to 5,081 roubles per barrel on Tuesday, having risen by...
https://www.hellenicshippingnews.com/russian-urals-oil-price-in-roubles-hits-year-high/
China is actively engaging in a significant natural gas acquisition campaign, and government officials are encouraging importers to continue striking deals even as the global energy crisis subsides. have expressed their support for state-owned buyers to secure long-term contracts and invest in...
The world’s oil and gas companies should set targets to cut greenhouse gas emissions by 2030 at the upcoming COP28 global climate conference, the CEO of France’s TotalEnergies TTEF.PA Patrick Pouyanne said on Wednesday. “If we can bring something to COP28 as an oil and gas industry … (it) is not...
Iraq plans to increase oil production to more than five million barrels per day, according to the country’s parliamentary oil and gas committee. The committee supports the government’s directions to increase oil and gas reserves and boost national crude oil and gas production by inviting foreign...
https://www.hellenicshippingnews.com/iraq-aims-to-increase-oil-output-to-5mln-barrels-per-day/
Morgan Stanley on Wednesday lowered its oil price forecasts, predicting a market surplus in the first half of 2024 with non-OPEC supply growing faster than demand next year. The Wall Street bank cut its Brent price outlook for the third quarter this year to $75 from $77.50 per barrel and lowered...
North America is expected to witness the highest small-scale LNG liquefaction capacity additions globally during 2023-2027, contributing about 32% of the total global small-scale LNG liquefaction capacity additions by 2027, forecasts GlobalData, a leading data and analytics company. GlobalData’s...