Markets

Guyana is on track to produce 1.2MM b/d by 2027, according to Minister of Natural Resources Vickram Bharrat.

Brazilian state oil and gas company, Petrobras, is engaged in discussions with national oil companies (NOCs) from the Middle East, China, and India for potential collaboration in energy projects, according to CEO Jean Paul Prates.

The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group, during its recent videoconference meeting, refrained from recommending changes to crude oil production levels, affirming the current voluntary cuts of 2.2MM b/d.

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.