Markets

Libya's oil output has rebounded to 1.13MM b/d as of Oct. 8, 2024, following the resolution of a political crisis that had severely disrupted production.

Iran's crude oil exports have experienced a sharp decline, with estimated export loadings dropping to approximately 237K b/d as of early Oct.—this represents the lowest weekly total in at least two years.

Petrobras, Brazil's state-owned oil company, is making significant strides in revitalizing the Tupi oil field, one of the largest deep-water reserves globally.

Libya is set to resume its crude oil production following a political agreement aimed at resolving a protracted dispute over the leadership of its Central Bank.

OPEC+ oil producers are intentionally giving up market share by tightening supply to secure future investments, according to Alexander Novak, Russia’s deputy prime minister and a key OPEC+ official.

Recent analyses provide critical insights into the trajectory of the US oil market, particularly regarding the projections for West Texas Intermediate (WTI) crude oil prices.

Pemex reported a 6% decrease in oil production in Aug. 2024 compared to Aug. 2023, with total liquids output at approximately 1.77MM b/d.

In 2023, Chevron Corp. made substantial payments totaling $6.25 billion to the governments of Nigeria, Angola, and Equatorial Guinea, a figure that is three times greater than the $1.99 billion it paid to the US government.

The South Asian country is poised for significant developments in the oil and gas sector, with potential investments estimated at $100B in exploration by 2030.

OPEC+ sources have recently reaffirmed that there is no specific price target for crude oil, countering speculation about an unofficial $100/b target, particularly attributed to Saudi Arabia.