Markets

The government has instructed Saudi Aramco to abandon its ambitious plan to expand oil production capacity to 13MM b/d, keeping it capped at 12MM b/d.

The Energy Information Administration (EIA) reveals that a surge in the production of denser crude oil in Texas, the leading oil-producing state in the U.S., played a pivotal role in the overall growth of U.S. crude oil output last year.

In Feb., the Energy Information Administration (EIA) anticipates a fifth consecutive monthly decline in US crude oil production, with a projected decrease of 2K b/d to 9.68MM b/d.

Norwegian oil and gas companies are set to intensify exploration efforts in 2024, aiming to drill between 40 and 50 wells, up from the 34 completed in the previous year.

Offshore oil drilling in a Sub-Saharan African country,  located in the southwest of the continent, witnessed a significant boost as TotalEnergies increased its stake in the Venus discovery, marking a crucial step towards development.

The country’s oil and gas sector experienced a groundbreaking year in 2023, with a record-high combined production exceeding 390MM mt of oil equivalent.

The major oil producer in South America, under the libertarian leadership of its newly elected President Javier Milei, is on the brink of a radical transformation in its oil sector.

The largest oil producer in South America anticipates continued growth in oil and natural gas production in 2024, primarily driven by offshore field developments and the deployment of new floating production, storage, and offloading vessels (FPSOs).

State-owned Petroecuador has announced a significant milestone, reaching a new production peak of 404.29K b/d, or 413.241K boe/d when factoring in natural gas production.

Venezuela's President Maduro's deployment of over 5,600 armed forces personnel in response to the UK's naval actions near Guyana has escalated the long-standing territorial dispute between the two nations.