Markets

OPEC's crude oil production in May increased by less than stipulated in the OPEC+ agreement, which had planned a significant output hike for the month.

Prior to the escalating tensions in the Middle East since Jun. 12, the US is poised for a significant slowdown in oil production growth this year and a steeper overall decline in 2026 than previously projected, according to S&P Global Commodity Insights.

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.