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Iran says ready to return oil output to pre-sanctions level

Iran said that it is ready to return its crude oil production to pre-sanctions levels at the earliest possible time. Iranian Petroleum Minister Javad Owji made the remarks on the sidelines of the 31st OPEC and non-OPEC Ministerial Meeting, which was held via a videoconference, reported the Iranian oil ministry’s website. Owji expressed the hope that major Western governments would understand correctly the world’s present sensitive and critical circumstances and adopt a logical approach toward ensuring global energy security. He warned that this year’s winter is very important for the ...

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Equinor submits plans to develop major British North Sea oilfield

Norway’s Equinor on Thursday submitted to British regulators plans for the development of a major oilfield in the North Sea which is expected to start production in late 2026. The environmental statement for the Rosebank field is a key step towards the approval of the development of the field, one of few known major prospects in the ageing basin. In the online document, Equinor, the operator, said the field would be developed in two phases in which the wells will be connected to a floating production, storage and offloading (FPSO) ...

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OPEC Sec Gen says we should tread a fine line as not to consume all oil reserves

The Organization of Petroleum Exporting Countries (OPEC) should tread a fine line as not to consume all oil reserves, the Organization’s Secretary General Haitham al-Ghais told Al-arabiya TV on Thursday. Al-Ghais also commented on OPEC’s decision on Wednesday to only increase production by 100,000 barrels per day by saying: “we aim to test market reaction”. The secretary general also said the organization was not in a competition with Russia saying: “the market has room for all”, ading even with the discounts we heard Russia is giving to Asia. Source: Reuters ...

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Oil output to see small hike to ease energy prices

The world’s biggest oil producers have agreed to raise production slightly in a bid help ease high prices. Members of oil producers’ group Opec+ – which includes Russia – agreed on Wednesday to add 100,000 more barrels per day to the market from September. The latest production output increase is at a much slower pace than in recent months. The decision is a blow to leaders who had called for production to be ramped up. They include US President Joe Biden, who travelled to Saudi Arabia in a bid to ...

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Shrinking U.S. exports likely to build oil stocks at Cushing storage hub

The shrinking discount of U.S. crude to Brent and rising Canadian oil imports this month will send more barrels to the top U.S. oil storage hub, continuing a recent supply build, oil dealers and traders said. Rising storage levels at Cushing, Oklahoma, the delivery point for U.S. crude oil futures, are putting pressure on futures prices, which could help ease U.S. inflation. After running up to $122.11 per barrel, U.S. oil futures on Wednesday settled at $90.66, down more than 25% in the last two months. The end of Canadian ...

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Westwood Insight – High impact exploration on the rebound: Major frontier discoveries and the most wells since 2019

38 high-impact[1] exploration wells were drilled in the first half of 2022, similar to the same period in 2021 when 39 wells completed. The 38 wells resulted in 13 potentially commercial discoveries at a 34% commercial success rate, delivering ~6bnboe of discovered resource. Eight of the wells tested frontier plays, with significant basin-opening discoveries at Venus and Graff in the Orange Basin offshore Namibia. Venus is the largest discovery in 2022 so far, with multi-bnboe potential in a Lower Cretaceous Aptian-Albian basin floor fan. There were, however, key frontier failures ...

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Path to net-zero: As regulators step in, push for climate disclosure intensifies

Publicly traded companies have been slow to adopt net-zero emissions goals, but corporate peer pressure combined with regulatory changes is beginning to turn the tide. Only 37% of about 5,300 companies reviewed in the 2021 S&P Global Corporate Sustainability Assessment had announced plans to reduce Scope 1 or Scope 2 emissions. However, some of the largest companies in high-emitting sectors around the world are among those already disclosing emissions and setting net-zero targets. For example, an S&P Global Commodity Insights review found that 21 of the top 30 mining and ...

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Oil prices rise from multi-month lows on supply concerns

Oil prices rose slightly on Friday, bouncing off their lowest levels since February, as concern over supply shortages was countered by expected declines in fuel demand. Brent crude rose 39 cents, or 0.4%, to $94.51 a barrel by 0900 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.3%, at $88.81. Prices have come under pressure this week as the market has fretted over the impact of inflation on economic growth and demand, but signs of tight supply kept a floor under prices. The OPEC+ producer group agreed ...

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Pioneer sees $100 oil persisting, amid bump in OPEC+ output

Crude oil prices will continue to climb as demand rebounds and supplies remain tight, the head of one of the largest U.S. shale producers said. Prices will remain at $100 a barrel or more over the next five years, Pioneer Natural Resources Chief Executive Scott Sheffield told investors on a conference call. Pioneer will remain focused in the near term on achieving roughly a 5% production volume growth rate, he added. “I’m still very optimistic that the oil price is going to continue to march forward, with probably more upside ...

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What Is OPEC+? An Overview of Key Members

OPEC+ refers to the 13 members of the Organization of Petroleum Exporting Countries (OPEC) and 11 other non-OPEC members. These nations came to an accord towards the end of 2016 “to institutionalize a framework for cooperation between OPEC and non-OPEC producing countries on a regular and sustainable basis.” These nations aim to work together on adjusting crude oil production to bring stability to the oil market. OPEC holds 80.4% of the world’s proven oil reserves, while the set of 11 non-OPEC nations represent 9.7% of proven oil reserves. With 90% ...

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Current oil prices are above preferable levels, OPEC+ member Kazakhstan says

Current oil prices of around $100 per barrel are above the preferable range of $60-80 per barrel, Bolat Akchulakov, energy minister of OPEC+ member Kazakhstan, told reporters. OPEC+ meets on Wednesday amid market expectations for steady or slightly increased oil output. Most member countries are already pumping near capacity and are unable to meet U.S. calls for bigger production to help address soaring prices. “The work is ongoing to make (oil) prices more realistic,” Akchulakov said. “We have always said that the corridor of $60-80 per barrel is a normal ...

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European gas storage on track to meet target but at a cost

European countries are on track to reach a gas storage filling target by the start of this winter, but the cost of replenishing stocks will be over 50 billion euros ($51 billion), 10 times more than the historical average of filling up tanks for winter. European governments had been concerned that Russia’s cut in supplies through its main gas pipeline to Germany would leave countries unable to meet goals to refill storage for winter. They have managed to build up gas storage steadily by curbing demand, switching from gas to ...

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U.S. Crude Could Break $90 as OPEC, Weekly Stocks and Dollar Weigh

U.S. crude’s long-held support of $90 may be the next to crack. The front-month for U.S. West Texas Intermediate, or WTI, crude hit a six-month bottom, or its lowest since Feb. 24, as it fell to $90.83 a barrel on Wednesday. With just three days into August, the U.S. crude benchmark is already down 8%, more than the back-to-back loss of 7% for all of July and June. “There’s a consensus building on the market that WTI’s $90 support could snap in the coming days and that $100-$105 could be ...

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UAE’s ADNOC sets September Murban crude OSP at $105.96/bbl

The Abu Dhabi National Oil Company (ADNOC) set the September official selling price (OSP) for its benchmark Murban crude at $105.96 a barrel, the company said on Wednesday. The August OSP was $117.53 a barrel. Source: Reuters (Reporting by Arpan Varghese and Ashitha Shivaprasad in Bengaluru, Editing by Louise Heavens)

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Rosneft says Sakhalin-1 oil, gas project output has not resumed

Russia accused U.S. energy major ExxonMobil (NYSE:XOM) on Thursday of unilaterally stopping oil production at a Pacific joint venture, raising the stakes in a standoff with the western oil company which is pulling out of the country. Western countries and their allies imposed a variety of sanctions on Russia after Moscow sent its troops to Ukraine for a “special military operation”. Moscow retaliated by blocking foreign investors assets and seizing them in some cases. As part of the sanctions, U.S. oil producer ExxonMobil said on Wednesday it was in the ...

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