By Tsvetana Paraskova for Oilprice.com – The OPEC+ group decided on Tuesday to add another 400,000 barrels per day to its total oil production in February in a widely expected move to continue easing the cuts each month.
By Tsvetana Paraskova for Oilprice.com – Led by production increases in Saudi Arabia and Russia, the OPEC+ group raised its October oil output by 490,000 barrels per day (BPD), TASS news agency quoted the International Energy Agency as saying in its monthly report on Tuesday.
Thanks to the increasing output from Vaca Muerta, the Argentine province of Neuquén Thursday announced it had extracted an average of 213,808 barrels per day (BPD) during September of 2021, which represented a 40.19% increase against last year's figures.
Members of the Opec group of oil producers and their partners will meet via videoconference next Monday to decide on production levels for February, hoping to turn the corner on a difficult year. The Opec+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price war between Saudi Arabia and Russia.
Liza Unity, an under-construction FPSO that will be Guyana's second offshore facility in production, remains on schedule for first oil in 2022, Hess Corp. announced. Guyana became an oil-producing nation in December 2019, when Exxon brought online the Liza Destiny FPSO.
Saudi Arabia said on Monday it had asked oil giant Aramco to cut an additional one million barrels per day from June, to support prices that have crashed during the coronavirus crisis.
Argentina’s state-held energy firm YPF slashed by 50% the oil production from its key development area in the vast Vaca Muerta shale play this week due to tumbling fuel demand in Argentina’s lockdown, local news outlet Rio Negro reports.
By Irina Slav for Oilprice.com – Brazil produced more than 1 billion barrels last year, the first time it has breached the 1-billion-barrel mark, according to reports from the country’s oil regulator, ANP. The daily average stood at 3.106 million bpd, up 7.78% on 2018, ANP also said.
Saudi ARAMCO said on Wednesday a new agreement between Saudi Arabia and Kuwait paves the way for the resumption of oil production in the Neutral (partitioned) Zone shared by the two countries.
Brazil's auction of drilling rights to four deep-sea oil fields raised a disappointing US$17 billion on Wednesday, officials said, well short of expectations for the highly-anticipated mega sale.