Markets

The Mideast producer, amid existing sanctions, reports a notable surge in its oil and gas exports.

In a historic move, the administration has significantly reduced the number of oil and gas lease sales on the US outer continental shelf (OCS), slashing the initially proposed 47 down to a mere three in the final oil and gas leasing program for 2024–29.

Angola, Africa's second-largest oil producer, has decided to exit OPEC after 16 years of membership, citing a lack of benefits and relevance.

Producers in this region are facing a critical juncture as they navigate a challenging landscape in 2024.

Namibia's Southwest African Coastal Basin, once dismissed as an

The market is witnessing a seismic shift in dynamics, notably driven by the US, which achieved a record-breaking oil production of over 13MM b/d in Sept., surpassing all other nations.

In recent exploratory ventures, Petrobras, alongside Shell, Chevron, and CNOOC, secured rights to explore 44 deep-water areas in Brazil's Pelotas basin, previously untapped for oil operations.

Ongoing discord within OPEC+ regarding deeper production cuts has resulted in a lackluster announcement, pressuring oil prices lower.

The recent surge in US crude oil production, reaching a record 13.2MM b/d in Sept., is posing a significant challenge to OPEC's efforts to stabilize oil prices and implement production cuts.

In a recent escalation of geopolitical tensions, Venezuelan President Nicolas Maduro's pursuit of annexing oil-rich Essequibo has placed ExxonMobil and Chevron in a precarious position.