Connection

popular articles

Ukrainian drones strike Tuapse refinery, fire contained
Nigeria: What impact will the Dangote refinery have on prices and production?
Dams in Africa: the largest projects
Eletrobras withdraws from Isa Cteep with a 130 Million Share Sale
Microsoft and European Energy agree on a PPA

Lower OPEC production due to Saudi cuts

OPEC oil production is declining due to drastic cuts by Saudi Arabia to support prices, while global demand is expected to increase in 2023 and 2024.

Please share:

In July, oil production by OPEC members fell by 836,000 barrels per day. Saudi Arabia has implemented cuts to stabilize prices, according to OPEC’s monthly report.

Drop in OPEC oil production, led by Saudi Arabia in July

In July, oil production by the 13-member Opec, which counts Saudi Arabia as a heavyweight, “fell by 836,000 barrels month-on-month to an average of 27.31 million barrels per day”, Opec said in its monthly report, citing indirect sources.

This drop was mainly due to Saudi Arabia, whose production fell by an estimated 968,000 barrels a day in July, a massive decline that was only slightly offset by production increases in countries such as Angola and Iraq.

Joint Opep+ initiatives: Massive production cuts to stabilize world prices

Nine members of the OPEC+ alliance (comprising 13 member countries and 9 allied states), including Riyadh and Moscow, began voluntary production cuts in May, totaling 1.6 million barrels/day (mb/d). This initiative is designed to keep prices high. Riyadh opted for a further production cut of one million barrels/day in July, extended twice until September. Moscow has pledged to reduce its exports by 500,000 barrels/day in August, then by 300,000 barrels/day in September.

Expected growth in global oil demand: OPEC’s outlook for 2023 and beyond

For 2023, OPEC is maintaining its forecast for global demand growth at 102 mb/d, with an increase of 2.4 million barrels per day compared to 2022. This assessment is based on OPEC’s monthly revisions. In Q3, global oil demand should reach 101.96 mb/day, and 103.21 mb/d in Q4.

“A persistent increase in demand for fuel for transport and industry, supported by a recovery in activity in China and other non-OECD regions, should boost demand in 2023,” Opep estimates in its report.

For 2024, the organization also predicts that “solid global economic growth, accompanied by continued improvement in China, should boost oil consumption”.

OPEC forecasts an increase in demand of 2.2 mb/d, which would bring world demand for black gold to an average of 104.3 mb/d.

Register free of charge for uninterrupted access.

Publicite

Latest news

Cenergy selects Next Wave Energy Monitoring for 60 MW of community solar projects
Consumers Energy and Hecate Energy Break Ground on 360 MW Sunfish Solar 2 Renewable Energy Project
Enfinity Global Expands Its Battery Energy Storage Portfolio in the U.S. with 425 MW in Texas
TGS Wins Offshore Wind Site Characterization Contract in the UK
Shell Increases Interest in Quest CCS Facility and Fully Exits Oil Sands

Recently published in

Shell Increases Interest in Quest CCS Facility and Fully Exits Oil Sands

Shell Canada exchanges its remaining 10% stake in the Albian mines for an additional 10% interest in the Scotford upgrader and Quest carbon capture and storage (CCS) facility, focusing on refining and carbon capture projects while exiting oil sands operations.
Shell’s Profits Fall by 17%: Impact of Gas Margins and Oil Prices
Shell announces a 17% drop in profits for 2024, impacted by the decline in margins, oil, and gas prices, as well as asset impairments.
en_1140290952540-4
Shell’s Profits Fall by 17%: Impact of Gas Margins and Oil Prices
Shell announces a 17% drop in profits for 2024, impacted by the decline in margins, oil, and gas prices, as well as asset impairments.
en_1140290952540-4
France: The Administrative Court Demands Regularization of the Oil Drilling Order
The administrative court of Melun ordered the prefecture to regularize the order authorizing oil drilling at the Nonville concession, deemed illegal on several points, awaiting a final decision in ten months.
en_1140290944540-4
France: The Administrative Court Demands Regularization of the Oil Drilling Order
The administrative court of Melun ordered the prefecture to regularize the order authorizing oil drilling at the Nonville concession, deemed illegal on several points, awaiting a final decision in ten months.
en_1140290944540-4
Trump’s Tariff Threats Weigh Down Oil Prices
The imminent prospect of U.S. tariffs on imports from Canada and Mexico is causing concern in oil markets. Combined with an unexpected rise in crude stocks in the U.S., this announcement is impacting global oil prices.
en_1140290954540-3
Trump’s Tariff Threats Weigh Down Oil Prices
The imminent prospect of U.S. tariffs on imports from Canada and Mexico is causing concern in oil markets. Combined with an unexpected rise in crude stocks in the U.S., this announcement is impacting global oil prices.
en_1140290954540-3

The European Union Begins Gradual Lifting of Energy Sanctions on Syria

After over a decade of restrictions, the European Union is beginning a gradual and conditional lifting of sanctions on Syria’s oil, gas, and financial sectors. A strategic move to support the country's reconstruction after the fall of the Assad regime.
Kazakhstan Embarks on Shale Oil Production
Kazakhstan begins shale oil production in 2025, marking a new step in its economic strategy amidst growth challenges and energy dependency.
en_1140290969540
Kazakhstan Embarks on Shale Oil Production
Kazakhstan begins shale oil production in 2025, marking a new step in its economic strategy amidst growth challenges and energy dependency.
en_1140290969540
Baghdad and Erbil: the oil agreement in the background of a budget debate
Negotiations between the Kurdistan Regional Government and Baghdad officially focus on salary payments. Meanwhile, the Iraq-BP agreement to increase production in Kirkuk fuels speculation about a possible resumption of oil exports.
en_1140290959540-2
Baghdad and Erbil: the oil agreement in the background of a budget debate
Negotiations between the Kurdistan Regional Government and Baghdad officially focus on salary payments. Meanwhile, the Iraq-BP agreement to increase production in Kirkuk fuels speculation about a possible resumption of oil exports.
en_1140290959540-2
New Tragedy in Nigeria: 18 Dead in a Tanker Truck Accident
A tanker truck accident in Enugu, southeastern Nigeria, claimed the lives of 18 people, marking another tragedy in a series of incidents involving the transport of fuel in the country.
en_1140290948540-1
New Tragedy in Nigeria: 18 Dead in a Tanker Truck Accident
A tanker truck accident in Enugu, southeastern Nigeria, claimed the lives of 18 people, marking another tragedy in a series of incidents involving the transport of fuel in the country.
en_1140290948540-1

Decline in U.S. Oil Inventories: A Larger-Than-Expected Contraction

U.S. commercial crude oil inventories unexpectedly dropped, marking the ninth consecutive decline. The reserves fell by 1 million barrels, exceeding analysts' forecasts, according to the U.S. Energy Information Administration. ##
Sudan: Fire at a Major Oil Refinery, Responsibility Disputed
The Sudanese army and the paramilitary Rapid Support Forces (RSF) have accused each other of setting fire to a major oil refinery near Khartoum, escalating tensions in a conflict that has been ongoing for several months.
en_11401398540
Sudan: Fire at a Major Oil Refinery, Responsibility Disputed
The Sudanese army and the paramilitary Rapid Support Forces (RSF) have accused each other of setting fire to a major oil refinery near Khartoum, escalating tensions in a conflict that has been ongoing for several months.
en_11401398540
Trump pushes oil drilling: limited impact on prices
Donald Trump's announcement to boost oil production to combat inflation and fill U.S. strategic reserves barely moves markets, as Brent prices continue their recent decline.
en_11401357540
Trump pushes oil drilling: limited impact on prices
Donald Trump's announcement to boost oil production to combat inflation and fill U.S. strategic reserves barely moves markets, as Brent prices continue their recent decline.
en_11401357540
Sabotage in Nigeria’s Oil Sector: Massive Leaks Shake the Niger Delta
A persistent oil spill in the Niger Delta, attributed to acts of sabotage, raises major concerns for Nigeria's oil industry, highlighting the sector's security and environmental challenges.
en_11401364540
Sabotage in Nigeria’s Oil Sector: Massive Leaks Shake the Niger Delta
A persistent oil spill in the Niger Delta, attributed to acts of sabotage, raises major concerns for Nigeria's oil industry, highlighting the sector's security and environmental challenges.
en_11401364540

Tanker Explosion in Nigeria: At Least 70 Dead

In Nigeria, an overturned tanker exploded as a crowd attempted to collect fuel. Local authorities report at least 70 deaths in a context marked by rising gasoline prices and economic hardship.
Kimbell Royalty Partners completes a $230 million oil and gas acquisition
Kimbell Royalty Partners completes a $230 million oil and gas acquisition
en_11401304540
Kimbell Royalty Partners completes a $230 million oil and gas acquisition
Kimbell Royalty Partners completes a $230 million oil and gas acquisition
en_11401304540
Unexpected Arrest of the Former Minister of Oil in Niger, Mahaman Moustapha Barké
Unexpected Arrest of the Former Minister of Oil in Niger, Mahaman Moustapha Barké
en_11401305540
Unexpected Arrest of the Former Minister of Oil in Niger, Mahaman Moustapha Barké
Unexpected Arrest of the Former Minister of Oil in Niger, Mahaman Moustapha Barké
en_11401305540
Sudden resignation of the leader of the Libyan oil company
Sudden resignation of the leader of the Libyan oil company
en_11401309540
Sudden resignation of the leader of the Libyan oil company
Sudden resignation of the leader of the Libyan oil company
en_11401309540

BP cuts its workforce and refocuses on hydrocarbons

BP formalizes 4,700 internal layoffs and 3,000 among subcontractors. Disappointing results and a renewed focus on hydrocarbons shape this move. The market observes these choices, influenced by economic and political imperatives.
Sinopec invests in a major oil project in Sri Lanka
Sri Lanka confirms a historic investment with Sinopec. A new refining facility will strengthen the country's energy balance.
en_11401315540
Sinopec invests in a major oil project in Sri Lanka
Sri Lanka confirms a historic investment with Sinopec. A new refining facility will strengthen the country's energy balance.
en_11401315540
United States: Talos Energy discovers 400 feet of hydrocarbons in the Gulf of Mexico
The drilling of the Katmai West #2 well by Talos Energy in the Gulf of Mexico revealed 400 feet of hydrocarbon reserves, with production estimated at 20,000 barrels per day, strengthening the regional energy strategy.
en_11401288540
United States: Talos Energy discovers 400 feet of hydrocarbons in the Gulf of Mexico
The drilling of the Katmai West #2 well by Talos Energy in the Gulf of Mexico revealed 400 feet of hydrocarbon reserves, with production estimated at 20,000 barrels per day, strengthening the regional energy strategy.
en_11401288540
Rwanda Adjusts Statements on Oil Discovery in Lake Kivu
Following a premature announcement of an oil discovery in Lake Kivu, Rwanda clarified that the work is still in an exploratory phase, with partners being sought to move forward.
en_11401283540
Rwanda Adjusts Statements on Oil Discovery in Lake Kivu
Following a premature announcement of an oil discovery in Lake Kivu, Rwanda clarified that the work is still in an exploratory phase, with partners being sought to move forward.
en_11401283540

Côte d’Ivoire: Oil Production Exceeds Initial Forecasts

Oil and gas production from the Baleine field in Côte d’Ivoire has surpassed expectations, reaching 85,000 barrels per day thanks to the progress of its first two phases, according to the government.
Rise in oil demand in 2024 under the threat of US sanctions
Global oil demand reaches 102.9 million barrels per day in 2024, driven by a cold winter. US sanctions on Russia and Iran weigh on supply prospects for 2025.
en_11401294540
Rise in oil demand in 2024 under the threat of US sanctions
Global oil demand reaches 102.9 million barrels per day in 2024, driven by a cold winter. US sanctions on Russia and Iran weigh on supply prospects for 2025.
en_11401294540
Congo records a sale of 881,192 barrels of crude oil by PetroNor
PetroNor sold 881,192 barrels of crude oil at a price of $72.8 per barrel on the PNGF Sud block. This major transaction generates $64 million, highlighting the importance of investments in the Congolese oil sector.
en_11401260540
Congo records a sale of 881,192 barrels of crude oil by PetroNor
PetroNor sold 881,192 barrels of crude oil at a price of $72.8 per barrel on the PNGF Sud block. This major transaction generates $64 million, highlighting the importance of investments in the Congolese oil sector.
en_11401260540
Africa Oil acquires 18% in an offshore block in South Africa
Africa Oil increases its stake to 18% in block 3B/4B off the coast of South Africa. This partnership with TotalEnergies and QatarEnergy marks a crucial step for oil exploration in the Orange Basin.
en_11401261540
Africa Oil acquires 18% in an offshore block in South Africa
Africa Oil increases its stake to 18% in block 3B/4B off the coast of South Africa. This partnership with TotalEnergies and QatarEnergy marks a crucial step for oil exploration in the Orange Basin.
en_11401261540

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS