Oil product

CNOOC

Chinese Oil Major CNOOC Targets Record High Production This Decade

CNOOC set its production target at 600 million to 610 million barrels of oil equivalent (boe) for 2022, up from the 2021 target of 545-555 million boe

Crude Oil

Global Oil Supply Set to Outpace Demand Amid Higher Production, IEA Says

The surge in new Covid cases is expected to 'temporarily slow' but not upend the recovery in demand

Crude Oil

OPEC+ Undershoots Oil Production Target Again

The OPEC+ group delivered the 400,000-bpd production increase in November, but it was still more than half a million barrels per day short of its overall oil pr…

Crude Oil

Iraqi Crude Output Rises to 18-month High of 4.21 mil b/d in Nov: SOMO

Iraqi crude oil production, including flows from the semi-autonomous Kurdistan region, rose to an 18-month high of 4.208 million b/d in November.

Crude Oil

Guyana To Become The 11th Country To Produce Over 1 Million Bpd

The tiny South American nation of Guyana has emerged as the hottest offshore drilling location on the continent over the last six years.

Crude Oil

Iran Plans To Boost Oil Production To 5 Million Bpd

Iran is determined to return to its pre-sanction oil production level of 5 million barrels per day, regardless of how the nuclear deal develops

Crude Oil

Brazil’s Oil Major Plans To Invest $68 Billion In Boosting Production

Brazil’s Petrobras plans to invest $68 billion in expanding its crude oil production, a figure that represents 84 percent of its total planned investments for …

Crude Oil

Russia’s Oil Reserves Are Becoming Increasingly Hard To Recover

Nearly all of Russia’s oil production will consist of the so-called hard-to-recover crude reserves unless the country speeds up and incentivizes exploration

Oil Field

Repsol Shuts in Yme Field Only Weeks After Start-Up

Spanish oil and gas company Repsol has been forced to halt production from its Yme field off Norway, less than a month after the oil production started.

Crude Oil

Colombia Desperately Needs To Ramp Up Its Oil Production

The COVID-19 pandemic has taken a particularly harsh toll on Colombia’s economically-dependent oil and gas industry.

Crude Oil

OPEC+ Pumped Less Oil Than Agreed In October

The OPEC+ group’s compliance rate with the oil production cuts rose to 116 percent in October from 115 percent in September,

Crude Oil

Japan to Subsidise Refiners to Ease Oil Price Impact

Japan is planning to give subsidies to the country's refiners for the first time to offset the impact of surging oil prices on domestic oil product values.

Crude Oil

Adipec 2021: Adnoc to Invest $6bn in drilling as it boosts crude oil production capacity

More than $1.8bn worth of Drilling-Related Equipment will be Made in the UAE

India

India Looks To Increase Oil Production By Selling Stakes In Oilfields

India, which imports around 80 percent of the oil it consumes, is looking to boost its domestic oil production and has reportedly asked its state-owned producer…

Crude Oil

OPEC Rejects Biden’s Call for More Oil

OPEC+ headed for a clash with the U.S. as more members rejected President Joe Biden’s call for the group to raise oil production faster and help reduce gasolin…