OPEC+ is set to confront significant challenges as its production cut tapering could result in a substantial surplus in the global oil market by 2026, according to the Saudi think tank KAPSARC.
January 19, 2025
In a decisive move before exiting office, President Joe Biden enacted a sweeping ban on offshore drilling in over 625MM acres (252.93MM hectares) of US coastal and offshore territories, including sensitive areas like the eastern US Atlantic coast and parts of the Arctic.
January 11, 2025
Speculators and algorithmic traders are increasingly optimistic about rising oil prices, driven by anticipated policy shifts in the US, stricter sanctions on Iran, and evolving trends in global oil demand.
January 11, 2025
In 2025, the US Gulf of Mexico is set to achieve record oil production, expected to reach around 2MM b/d, driven by the commencement of several major deepwater fields.
January 05, 2025
In 2024, US oil production reached a record high, surpassing the previous year’s achievement of 12.9MM b/d.
December 28, 2024
Nigeria's oil production reached its highest level for 2024 in Nov., hitting 1.7MMb/d, a significant 13.3% increase compared to Nov. 2023.
December 14, 2024
Canada's oil industry is preparing for increased output in 2025, with major producers Cenovus, Imperial Oil, and Suncor each planning to boost production next year despite political pressures.
December 14, 2024
OPEC+ has decided to delay the start of its production increases for three months, postponing the gradual easing of its cuts from Jan. 2025 to Apr. 2025.
December 08, 2024
OPEC+ has delayed its planned rollback of voluntary crude production cuts by one month, with the gradual increase now scheduled to begin in Jan. 2025, instead of Dec. 2024.
November 10, 2024
OPEC+ is navigating a complex landscape of uncertainty regarding its production strategy for Dec., with traders divided on whether the organization will proceed with planned increases.
November 03, 2024
