Markets

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.

In a recent development, Alaska-based US District Judge Sharon Gleason has ruled in favor of the Biden administration's decision to greenlight ConocoPhillips' Willow oil project, dismissing concerns raised by environmentalist groups.

The OPEC producer in Latin America, buoyed by recent U.S. sanctions relief, is actively engaging with domestic and international oilfield service providers to revitalize its crude oil production.

In the month, the country achieved an unprecedented milestone in its energy sector as crude production reached an all-time high of 404.6MM bbl.

The recent headlines surrounding Chevron and ExxonMobil's multi-billion-dollar acquisitions signify a strategic shift in their exploration and production (E&P) futures, while highlighting an intense competition to secure valuable energy assets.

The US removed prohibitions for six months on oil exports from the Latin American country as well as new investments in its hydrocarbon sectors..

OPEC+ member nations, Saudi Arabia and Russia, have jointly announced their commitment to continue a combined supply cut of 1.3MM b/d until the end of 2023.