Markets

They are set to propose a landmark initiative at an upcoming OECD meeting, urging the world's wealthiest nations to cease subsidies for foreign oil, gas operations, and coal mining as reported by Financial Times.

A recent report by the Energy Transitions Commission highlights the indispensable role of carbon capture, utilization, and storage (CCUS) in certain industries' decarbonization efforts.

The International Energy Agency (IEA) has adjusted its predictions for global crude runs, anticipating an increase of 1.9MM b/d in 2023 and an additional 1MM b/d in 2024

The oil-producer organization continues to view that the recent slump in crude prices occurred because of "exaggerated negative sentiments."

The IEA reported that global oil demand has been defying economic worries, surpassing expectations and setting record highs.

The US EIA has revised down its WTI price forecasts for 2023 and 2024, according to its Nov. STEO.

The country is poised to establish a new annual oil production record in 2023, with Oct. marking the highest oil production month in the country's history.

The South American leading oil producer has proudly announced that its platform vessel P-71 has reached its peak production level, hitting an impressive milestone of 150K b/d in the pre-salt layer of the Santos Basin.

Colombia's leading oil company, Ecopetrol SA, reported a historic achievement in reaching its highest production levels since the fourth quarter of 2015.

The once-dominant position of Norway's Johan Sverdrup crude in Europe's oil market may be undergoing a transformation as the field's pricing weakens, questioning its status as the primary alternative to Russia's Urals.