Global oil reserves remain stable at 1,536 billion barrels, posing a challenge in the face of growing demand without rapid electrification of transport.
Global oil reserves remain stable at 1,536 billion barrels, posing a challenge in the face of growing demand without rapid electrification of transport.
By 2024, well drilling costs in the United States are set to fall by 10%, underpinned by significant efficiency gains despite stable oil service prices.
By 2024, well drilling costs in the United States are set to fall by 10%, underpinned by significant efficiency gains despite stable oil service prices.
Mexico could have to import oil as early as 2030, despite the new Zama and Trion fields.
Foreign partnerships could become essential to stabilize energy production.
Mexico could have to import oil as early as 2030, despite the new Zama and Trion fields.
Foreign partnerships could become essential to stabilize energy production.
Venezuela awards oil contracts to Anhui Erhuan Petroleum Group and Kerui Petroleum, strengthening its international alliances ahead of the presidential elections.
Venezuela awards oil contracts to Anhui Erhuan Petroleum Group and Kerui Petroleum, strengthening its international alliances ahead of the presidential elections.
YPFB has begun new drilling in the Tarija department to explore the hydrocarbon potential of the Chorro and Tupambi formations, aiming to reverse a decade of declining production.
YPFB has begun new drilling in the Tarija department to explore the hydrocarbon potential of the Chorro and Tupambi formations, aiming to reverse a decade of declining production.
Russia is approaching its crude oil production quota under the OPEC+ agreement, said Alexander Novak.
However, challenges remain in meeting the reduction targets.
Russia is approaching its crude oil production quota under the OPEC+ agreement, said Alexander Novak.
However, challenges remain in meeting the reduction targets.
Iraq, Russia and Kazakhstan have pledged to cut production by 2.284 million b/d by September 2025 to offset overproduction, according to OPEC.
The cuts will be staggered and vary on a monthly basis.
Iraq, Russia and Kazakhstan have pledged to cut production by 2.284 million b/d by September 2025 to offset overproduction, according to OPEC.
The cuts will be staggered and vary on a monthly basis.
U.S. crude oil inventories continue to fall, dropping by 3.7 million barrels last week, exceeding analysts' expectations.
This decrease comes despite a reduction in US refinery activity.
U.S. crude oil inventories continue to fall, dropping by 3.7 million barrels last week, exceeding analysts' expectations.
This decrease comes despite a reduction in US refinery activity.
Europe's once-thriving refining industry is gearing up for a historic capacity reduction, driven by the pressures of the energy transition and falling margins.
Europe's once-thriving refining industry is gearing up for a historic capacity reduction, driven by the pressures of the energy transition and falling margins.
Ecuador and Chilean subsidiary ENAP SIPEC have renegotiated an agreement to operate an oil block in the Ecuadorian Amazon, providing for an additional investment of $90 million until 2035.
Ecuador and Chilean subsidiary ENAP SIPEC have renegotiated an agreement to operate an oil block in the Ecuadorian Amazon, providing for an additional investment of $90 million until 2035.
The oil tanker Ceres 1, involved in a collision with the Hafnia Nile, was intercepted by the Malaysian Coast Guard, raising questions about its disappearance.
The oil tanker Ceres 1, involved in a collision with the Hafnia Nile, was intercepted by the Malaysian Coast Guard, raising questions about its disappearance.
Ukraine has interrupted the transit of Lukoil oil to Slovakia and Hungary, heightening tensions over the supply of Russian oil to Europe via the Druzhba pipeline.
Ukraine has interrupted the transit of Lukoil oil to Slovakia and Hungary, heightening tensions over the supply of Russian oil to Europe via the Druzhba pipeline.
Saudi Arabia and Russia reaffirm their commitment to the OPEC+ agreement to stabilize the oil market, despite geopolitical challenges and Western sanctions.
Saudi Arabia and Russia reaffirm their commitment to the OPEC+ agreement to stabilize the oil market, despite geopolitical challenges and Western sanctions.
