Markets

Recent analyses provide critical insights into the trajectory of the US oil market, particularly regarding the projections for West Texas Intermediate (WTI) crude oil prices.

Pemex reported a 6% decrease in oil production in Aug. 2024 compared to Aug. 2023, with total liquids output at approximately 1.77MM b/d.

In 2023, Chevron Corp. made substantial payments totaling $6.25 billion to the governments of Nigeria, Angola, and Equatorial Guinea, a figure that is three times greater than the $1.99 billion it paid to the US government.

The South Asian country is poised for significant developments in the oil and gas sector, with potential investments estimated at $100B in exploration by 2030.

OPEC+ sources have recently reaffirmed that there is no specific price target for crude oil, countering speculation about an unofficial $100/b target, particularly attributed to Saudi Arabia.

Hurricane Helene has significantly affected oil and gas operations in the Gulf of Mexico, leading to notable production shut-ins and operational adjustments.

Oil and gas production in the US Gulf of Mexico is steadily recovering after Hurricane Francine.

Hurricane Francine has led to substantial disruptions in US Gulf of Mexico oil and gas production, with significant repercussions for the crude oil market.

US major’s recent developments in deepwater drilling, particularly with the launch of the Anchor project in the US Gulf of Mexico (GOM), mark a pivotal moment for exploration and production (E&P) activities in the region.

South America is emerging as a pivotal player in the global crude oil market due to significant production increases in Brazil, Guyana, and Argentina, with varying impacts on global supply dynamics.