Markets

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.

OPEC+ members have collectively agreed to implement additional voluntary crude production cuts totaling approximately 2.2MM b/d in response to challenges in the oil market.

The South American major oil producer’s impending membership in the OPEC+ coalition, without mandatory production quotas, bears implications and potential impacts on the global oil market.

The Venezuelan government is making final preparations for a Dec. 3 referendum to address its longstanding dispute with Guyana over the oil-rich Essequibo territory.

Malaysia's state-owned energy firm, in collaboration with its petroleum-arrangement contractors, has marked a significant achievement in 2023 with 19 exploration discoveries and two exploration-appraisal successes in Malaysia's Sarawak Basin, Northwest Sabah Basin, and Malay Basin.

Guyana has taken its long-standing territorial dispute with Venezuela to the International Court of Justice, seeking an order to halt Venezuela's planned referendum on the oil-rich Essequibo region.

Iran anticipates an increase in oil production to 3.6MM b/d by Mar. 2024, up from the current 3.3MM b/d.

The continent is anticipated to experience a gradual decline in oil production in 2024, according to insights from the African Energy Chamber.