Colombian motorists are facing an unprecedented increase in gasoline prices, following the removal of government subsidies. This decision aims to reduce the public deficit and promote a sustainable environmental policy, but it has led to high inflation and criticism from citizens.

Opec is maintaining its forecast for global oil demand growth, driven by non-OECD countries, despite economic and geopolitical uncertainties. Oil prices have fallen, prompting OPEC to cut production to support prices.

The U.S. Energy Information Administration (EIA) released its May Short-Term Energy Outlook, revising its 2023 Brent crude oil forecast downward to $78.65 per barrel. Although demand for liquid fuels is expected to increase in 2023, OPEC+ oil production is expected to decline due to voluntary reductions.

The Al-Zour refinery in Kuwait recently restored its crude distillation units 1 and 2, allowing a significant increase in production to 345,000 barrels per day. This improvement has also allowed the country to take advantage of its local production by supplying a shipment of LSFO for domestic electricity.

The Church of England pension fund will vote against the reappointment of Shell executives. The decision is symbolic because the pension fund has only a small stake in Shell, whose strategy to be carbon neutral by 2050 or earlier remains unchanged.

The consumer association CLCV accuses fuel distributors of having "explosive gross margins" and calls for a price reduction of 10 cents per liter. The CLCV warns that it will refer the matter to the competent authorities if the gross margins do not return to normal by early summer.

Aramco recorded a 19.25% drop in net profit in Q1 2023 but remains the source of more than 75% of the majors' combined profits. The company is maintaining its long-term expansion plans despite the decline in hydrocarbon prices and fears of a global recession.

The Constitutional Court of Ecuador authorizes a referendum on the continuation of oil exploitation in the natural reserve of Yasuni. Ecuadorians will be able to vote in the next 75 days to decide on the phasing out of this operation.

Michel-Edouard Leclerc, chairman of the strategic committee of E.Leclerc centers, criticizes the government's request to lower prices at the pump and believes that TotalEnergies should be the first economic actor to do so. He also refutes accusations of excessive margins of his own brand.

The Zimbabwean government is considering an application to explore the Mana Pools National Park for oil and gas. This initiative risks scaring away wildlife and repelling tourists, jeopardizing Zimbabwe's national interest.

Plugging inactive oil wells in U.S. waters in the Gulf of Mexico would cost more than $30 billion, but would be much cheaper by focusing on those closest to shore. The environmental risks are higher for the latter.

Shell reports first-quarter net income of $8.7 billion, capping a season of record results for oil majors despite falling oil prices. Pro-environmental NGOs are calling for profits to be used to repair the damage caused by fossil fuels.

Tehran's recent seizure of a U.S.-bound oil tanker could have a significant impact on regional trade flows and marine insurance premiums. Industry analysts wonder about Washington's response and whether tensions will escalate.

Iraq is hoping for an agreement to resume oil exports to Turkey, which have been halted for a month due to an old legal dispute. Kurdistan's oil sales must now go through the Iraqi State Oil Company, and revenues from Kurdish exports are supervised by Baghdad.

Oil prices fall sharply below $70 per barrel, despite OPEC+ production cuts. Concerns about the U.S. banking sector and fears of a global recession are weighing on the market.

OPEC's Secretary General warns the IEA against discouraging investment in the oil industry, while recent tensions between the two parties highlight differences of opinion on the impact of the oil industry on the global economy.

Saudi Arabia plans to cut the price of its Arabian light crude oil to Asia in June despite a further OPEC+ production cut. This decision is in response to falling fuel prices and growing demand for cheap Russian crude oil in China and India.

Capricorn Energy, a U.K.-based oil and gas exploration and production company, reported a net loss of $51 million in 2022, marked by several aborted merger plans. The company saw its share price fall by more than 10% on the London Stock Exchange, despite a fourfold increase in turnover.

Oil prices fell on Wednesday, erasing any gains made since the voluntary OPEC+ production cuts, as investors focused on recession fears rather than falling U.S. inventories.

U.S. commercial crude oil inventories unexpectedly and significantly declined last week, mainly due to an increase in demand. Commercial reserves fell by 5.1 million barrels, beating analysts' forecasts, while gasoline inventories fell by 2.4 million barrels.

Guyana approves a $12 billion investment plan to develop a U.S.-China offshore oil site. The Uaru fields are expected to eventually produce 250,000 barrels of oil per day, providing a massive investment in the country.

BP shareholders are rebelling against its decision to slow its energy transition, threatening to vote against the re-election of its chairman. UK pension funds have also tabled a resolution calling for greater ambition in the group's climate targets.

Colombian oil company Ecopetrol will use AI to improve exploration and increase existing crude production. This initiative is part of the company's transition to greener energy sources.

Russian oil production is expected to exceed 480 million tons this year, in line with the 500,000 barrels per day reduction decided by Russia. Russia's decision to cut production could have a significant impact on the global oil market.