Tag: oil production

oil production
Saturday, December 5th 2015 - 06:50 UTC

Oil futures fall sharply after OPEC agrees to keep 'current actual production'

OPEC President Emmanuel Ibe Kachikwu said that there had been agreement to maintain a ceiling that reflects “current actual production”

Oil futures fell sharply Friday, with the U.S. benchmark settling below $40 a barrel after the Organization of the Petroleum Exporting Countries agreed to keep pumping crude at current production levels despite a global glut.

Thursday, October 22nd 2015 - 06:51 UTC

Venezuela's proposal to cut oil production and up prices receives little echo

Saudi Arabia and other Gulf states pushed OPEC's strategy shift last year to defend market share rather than cut output to support oil prices

Russia and Mexico – non-OPEC countries, which have been invited to participate Venezuela-proposed meeting this week – have no intention to cut oil production, International Oil Daily reported.

Monday, November 17th 2014 - 06:50 UTC

IEA says oil supplies may not keep up with demand

Global oil demand is expected to increase by 37% by 2040, with a dominant proportion of that coming from developing countries – i.e. China and India

Despite what appears to be a saturated oil market in 2014, oil producers around the world will struggle to meet rising demand over the next few decades.

Thursday, November 13th 2014 - 05:44 UTC

Crude price falls to a three year low, created by shale boom and Libya restart

”Talk of a price war is a sign of misunderstanding, deliberate or otherwise, and has no basis in reality,'' Saudi Oil Minister Ali al-Naimi

West Texas Intermediate, WTI crude closed at a three-year low on Wednesday with prices under pressure from the growing oil glut created by the U.S. shale boom and the restart of Libya's largest operational oilfield.

Tuesday, February 5th 2013 - 20:51 UTC

Colombia reaches sustained production of over a million barrels of oil per day

Production is 7% higher than a year ago and double in the last seven years

Colombia announced that it produced an average of 1.01 million barrels of oil per day in January, marking the first time that average crude output for a month surpassed the one million-barrel mark that the government had set as a target for the country's oil industry.

Tuesday, November 13th 2012 - 00:56 UTC

US to overtake Saudis and Russia as world’s top oil producers by 2’17, says IEA

Currently US imports around 20% of its total energy needs

The United States is forecasted to overtake Saudi Arabia and Russia as the world's top oil producer by 2017, the West's energy agency said on Monday. The International Energy Agency (IEA) said it saw a continued fall in US oil imports with North America becoming a net oil exporter by around 2030 and the United States becoming almost self-sufficient in energy by 2035.

Thursday, October 4th 2012 - 16:41 UTC

Falklands’ commercial oil production projected to commence in 2017

”One of the big things we are looking at is the socio-economic effects of this oil find and how we are going to handle it”, said MLA Dr. Elsby

By Alicia Dunkley-Willis (*) - With commercial oil production projected to commence in 2017 for the 3,000 population Falkland Islands, efforts are now underway to ensure that the impending wealth does not upset the order here.

Wednesday, July 11th 2012 - 19:35 UTC

OPEC lowers world oil demand forecast for next year

Oil production from the cartel was 31.36 million bpd in June

The Organization of the Petroleum Exporting Countries, left its forecast for 2012 growth in world oil demand unchanged at 0.9 million barrels a day, saying it expects growth to slow to 0.8 million barrels a day in 2013 due to a continuing global economic slowdown.

Thursday, June 21st 2012 - 05:40 UTC

Colombia determined to ensure a floor oil production of 1 million bpd

Orlando Cabrales, president of oil regulator National Hydrocarbons Agency

Colombia which has become South America’s third- largest crude supplier, is speeding environmental permits for oil companies as delays threaten to derail an output target of 1 million barrels a day this year, the nation’s regulator said.


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