Oil production

Venezuela 2023 Oil Output To Remain Flat

Credit: Venezuelan

Energy minister and state owned PdV president Pedro Tellechea said last week that “Venezuelan oil production will likely remain near the current 830,000 b/d level for the rest of 2023 and not reach the previously oil production 1mn b/d mark.“

In a recording of a presentation given to the Federation of Venezuelan Industrialists guild on Friday, Tellechea said oil production is averaging 831,000 b/d this year and is expected to reach 860,000 b/d in July.

“Surely we are behind, but...

https://mfame.guru/venezuela-2023-oil-output-to-remain-flat/

Latin America’s 5 Biggest Oil Reserves

Credit: john-cameron-unsplash
  • Latin America, despite relatively unimpressive production levels, holds a significant portion of the world’s proved oil reserves.
  • Venezuela, once one of the major powerhouses of the global oil industry, still holds the largest proved oil reserves on earth.
  • Rounding off the list of the five largest oil reserves in the region are Argentina, Mexico, Ecuador, and Brazil.

Matthew Smith writes for Oil Price on the 5 Latin American Countries With The Largest Oil...

https://mfame.guru/latin-americas-5-biggest-oil-reserves/

Daily Infographic: U.S. crude oil production will increase to new records in 2023 and 2024

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To view more FreightWaves infographics, click here

The post Daily Infographic: U.S. crude oil production will increase to new records in 2023 and 2024 appeared first on FreightWaves.

https://www.freightwaves.com/news/daily-infographic-us-crude-oil-production-will-increase-to-new-records-in-2023-and-2024

Effects Of Shale Recovery In Oil Markets

  • The energy sector has this year emerged as the best-performing of all 11 U.S. market sectors.
  • Oil prices appear to have stabilized in the upper 60s.

According to an article published in Oil Price, after having a year to forget in 2020, the energy sector has this year emerged as the best-performing of all 11 U.S. market sectors.

Broadening the Market

Energy Select Sector SPDR ETF(NYSEARCA:XLE) is up 41% in the year-to-date, making the broader market S&P 500’s 11% gain appear downright anemic. Oil...

https://mfame.guru/effects-of-shale-recovery-in-oil-markets/

GSCW chat recap: Using blockchain in the oil patch — and elsewhere

This fireside chat recap is from Day 5 of FreightWaves’ Global Supply Chain Week. Day 5 focuses on energy, chemicals and mining.

FIRESIDE CHAT TOPIC: Field services automation using blockchain for oilfield logistics

DETAILS: Rana Basu, whose company Ondiflo has been one of the leaders in bringing commercial blockchain applications to the oil patch, talks about the progress distributed-ledger technology has made in gaining wider acceptance.

SPEAKER: Rana Basu, chief operating officer, Ondiflo

BIO:...

https://www.freightwaves.com/news/gscw-chat-recap:-using-blockchain-in-the-oil-patch-—-and-elsewhere

Supply Cuts Hit Oil Tanker Market Badly

  • Saudi Arabia’s oil production cuts have hit the tanker market so hard that owners of the biggest vessels effectively subsidize cargo deliveries on the industry’s main trade route.
  • Supertankers delivering 2-million-barrel shipments of the kingdom’s oil to China are losing $736 a day for the privilege.
  • While owners might, in practice, be able to mitigate such losses by ordering captains to sail the vessels slower.
  • The reality is that some ships are losing money on Middle East-to-Asia deliveries.

https://mfame.guru/supply-cuts-hit-oil-tanker-market-badly/

DHL Supply Chain closing Texas facility

Freight giant DHL Supply Chain will permanently close a logistics facility in Baytown, Texas, laying off 97 workers by May 31, according to a notice sent to state officials Friday.

The company did not provide a reason for the facility’s closure in the notice sent to the Texas Workforce Commission. DHL Supply Chain is a division of Bonn, Germany-based Deutsche Post DHL.

DHL did not respond to a request for comment from FreightWaves. Baytown is located about 26 miles east of Houston along the Texas...

https://s29755.pcdn.co/news/dhl-supply-chain-closing-texas-facility

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