OPEC+ is set to confront significant challenges as its production cut tapering could result in a substantial surplus in the global oil market by 2026, according to the Saudi think tank KAPSARC.
January 19, 2025
The announcement of US and UK sanctions on Russian crude on Jan. 10 caused significant price hikes for Middle Eastern grades, with Dubai crude February-March time spreads soaring to $1.35/b on Jan. 13, up from $0.78/b on Jan. 10.
January 19, 2025
The Bakken shale play in North Dakota, long considered a mature field, may gain a new lease on life due to significant untapped potential in the Three Forks reservoir. Recent research by North Dakota’s Department of Natural Resources estimates the reservoir contains 250MM bbl.
January 19, 2025
The French energy giant is expanding global operations with new drilling in Suriname and a major project in Iraq.
January 13, 2025
Oil prices have experienced notable fluctuations during the first days of Jan. 2025, with concerns over supply glut, technical resistance levels, and geopolitical tensions influencing the market.
January 12, 2025
The oil market is currently navigating significant challenges that may influence pricing and production strategies.
January 11, 2025
In a decisive move before exiting office, President Joe Biden enacted a sweeping ban on offshore drilling in over 625MM acres (252.93MM hectares) of US coastal and offshore territories, including sensitive areas like the eastern US Atlantic coast and parts of the Arctic.
January 11, 2025
Speculators and algorithmic traders are increasingly optimistic about rising oil prices, driven by anticipated policy shifts in the US, stricter sanctions on Iran, and evolving trends in global oil demand.
January 11, 2025
In Canada, Suncor Energy achieved record-breaking oil production in 2024, surpassing its high-end forecast due to growing demand and improved market access.
January 11, 2025
Venezuela's oil exports grew 10.5% in 2024, averaging 772K b/d, the highest since 2019.
January 11, 2025
