Markets

The major oil producer located in the Caucasus region is launching a systematic initiative to boost oil and gas exploration and production, driven by anticipated output declines from its mature Azeri-Chirag-Gunashli (ACG) oil complex.

The Uinta Basin in Utah, a rapidly growing crude-oil-producing region, holds significant potential for waxy crude production, but its long-term viability hinges on adequate takeaway capacity and supportive infrastructure.

The crude oil market is currently consolidating around the mid-$60/b mark, awaiting clearer signals from OPEC+ and broader market dynamics.

US offshore oil production, particularly in the Gulf of Mexico (GoM), is projected to experience a significant increase in the coming years, potentially reaching 2.4 MM b/d by 2027, up from 1.8 MM b/d.

The Latin American energy landscape is currently undergoing significant transformation, with key developments shaping the regional and global oil and gas markets. 

The oil cartel is deliberately increasing oil production not to trigger a price war but to meet rising seasonal demand in the Middle East and to accommodate a planned expansion of 2.1MM b/d by Dec. 2026.

South Africa has launched the South African National Petroleum Company (SANPC), a new state-owned oil enterprise formed from the merger of PetroSA, iGas, and the Strategic Fuel Fund.

There are divergent views on oil demand growth amidst OPEC+ supply adjustments and non-OPEC+ production forecast revisions.

The core group of eight OPEC+ members (Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman) agreed on May 3 to further accelerate the unwinding of their voluntary production cuts, increasing their combined crude quotas by 411K b/d in Jun.

ExxonMobil's first quarter 2025 results revealed a significant increase in oil and gas production, averaging 4.551MM boe/d.