Trump makes another strong step toward ending the war in Ukraine by pushing Saudi Arabia and OPEC to lower oil prices. At the World Economic Forum via teleconference, President Donald Trump said he will demand Saudi Arabia and OPEC reduce the cost of oil and will ask Riyadh to increase a planned US investment package ... #Davos #DonaldTrump #OilPrices #OilProduction #OPEC #SaudiArabia #WarEnding
Despite production restrictions, the global oil market will face a daily surplus of one million barrels next year. This will happen even if the OPEC+ oil cartel decides to maintain current production restrictions, the International Energy Agency (IEA) reports. China is one of the key reasons for the expected surpl... #GlobalOilPrice #IEA #oilmarket #OilProduction #OPEC
The World Bank predicts a historic oil surplus that will cause prices to fall in 2025. The World Bank predicts that in 2024-2025 global oil supply will exceed demand by an average of 1.2 million barrels per day. This surplus will likely limit the price effects from an even wider conflic... #OilDemand #OilProduction #OPEC #worldbank
Oil refining in the Russian Federation has fallen to an almost six-month low, but sanctions are not the reason. Oil refining in the Russian Federation has continued to fall over the past week as the aggressor country’s refineries grapple with the aftermath of Ukrainian drone attacks. Refinery production f... #OilProduction #refiningindustry #RussianEnergy #RussianOil #RussiaOilRefineryDamages
Analysts predict oversaturation of the oil market in 2024 and a drop in oil prices. The increase in oil production in countries that are not part of OPEC+, including the US, may oversaturate global demand, which is growing slowly, and will lead to lower prices. Although the OPEC+ oil... #OilDemand #OilPrices #OilProduction #OPEC
The world is facing its largest oil deficit in 15 years. According to Bloomberg, a week ago the price of Brent oil exceeded $90 per barrel following Saudi Arabia’s decision to extend the production limit of one million barrels per day until the end of... #OilInventories #OilPrices #OilProduction #OPEC
Oil prices have hit a nine-month high. As Trading Economics writes, WTI oil rose above $85 per barrel amid expectations that the leaders of the OPEC+ countries will continue to cut oil production. The Deputy Prime Minister of the Russian F... #OilPrices #OilProduction #OPEC #RussianOil
High oil demand will fade into history as a result of the Russian invasion of Ukraine and high prices, predicted the International Energy Agency (IEA). Energy experts predict that growth in global oil demand will come to a virtual halt over the next few years as high prices and Russia’s incursion... #IEA #OilDemand #OilProduction #RenewableEnergy
Norway is resuming development of Arctic oil and gas fields to become a key energy supplier to the EU. Norway’s largest oil and gas companies plan to continue exploring new oil and gas fields this year to stabilize the energy crises created by Russian aggression against Ukraine. This guarantees t... #EnergyCrisis #NorwayGas #NorwayOil #OilProduction
Ukrnafta is moving to a digital work format and launching a Virtual Data Room for investors. Ukraine’s largest oil production company, Ukrnafta, is introducing the concept of a “digital well” and “digital field” at all its facilities. The new technology will allow remo... #OilProduction #Ukrnafta
Ukrainian oil and gas extracting company Ukrnafta will restore 500 inactive wells. State company Naftogaz subsidiary Ukrnafta plans to resume oil production at about 500 inactive wells, as reported by the company’s press service. According to the head of Ukrnafta, Serhii Koret... #OilProduction #SerhiyKoretskyi #Ukrnafta
Ukrnafta plans to attract foreign partners to increase mineral extraction. The state company wants to increase oil production to 1.45 million tons and gas production to 1.04 billion cubic meters this year. It is noted that the company can provide 80% of this increase from ex... #OilProduction #UkraineGasProduction #Ukrnafta
Crude oil prices increased due to production cuts by the Russian Federation. Oil prices rose by $2 a barrel on December 23 after Moscow said it might cut crude output in response to G7 price caps on Russian exports. This was the reason for the increase in prices for the second... #OilProduction #RussianOilPriceLimit #WorldOilPrices
OPEC+ will reduce oil production by two million barrels per day. Representatives of the OPEC organization and other oil countries, led by Russia, agreed at a meeting in Vienna to reduce oil production by two million barrels per day. It is expected that the decision... #OilProduction #OPEC #OPECmeeting
Europe faces new interruptions in the supply of oil. The Caspian Pipeline Consortium (CPC), which supplies oil from Kazakhstan via Russia to global markets, has announced the suspension of exports from two of its three oil loading docks. According to th... #Oilexport #OilProduction #supplyofoil
OPEC and its allies have agreed to pump more oil to reduce global prices. OPEC and its ten allies agreed to more than expected daily production growth in order to mitigate the effects of rising fuel prices amid Russia’s war in Ukraine, reported the WSJ. The move rep... #GlobalOilPrices #OilProduction #OPEC #OPECagreement
OPEC wants to suspend the agreement with Russia and open doors for Saudi Arabia and UAE. Some OPEC members are exploring the possibility of suspending Russia’s participation in an oil-production deal while they are under Western sanctions. At the same time, a partial European ban has beg... #OilProduction #OPEC #SanctionsAgainstRussia
