Markets

Despite increasing supply competition from US shale and OPEC+ producers, coupled with a weaker global oil price outlook, Guyana remains steadfast in its ambitious plan to double oil production by early 2028.

Reports surfaced indicating that Saudi Arabia might be preparing for a shift in its oil production strategy, potentially leading to another oil price war.

Chevron and TotalEnergies have commenced oil and natural gas production from the Ballymore project, a deepwater development in the US Gulf of Mexico.

Guyana's oil production experienced a slight decrease in Mar. 2025, falling to 627K b/d from 648K b/d in Feb., according to a Reuters report.

The US oil production landscape is currently characterized by a delicate balance between potential growth and significant headwinds stemming from trade disputes and economic policy.

Shell plc has revised its resource estimate for the Selene prospect in the UK Southern North Sea License P2437, according to partner Deltic Energy PLC's Apr. 15 release.

Based on Moscow's new energy plan, Russia anticipates its crude oil production and exports to remain largely unchanged until 2050.

OPEC+ members have collectively presented plans to offset a total of 4.57MM b/d in previous overproduction, with these compensation measures primarily scheduled between May and Oct. 2025, and aiming for full offset by Jun. 2026.

Despite a sharp decline in oil prices to multi-year lows, an OPEC+ committee meeting on Apr. 5 emphasized the critical need for member nations to adhere to their production quotas and compensation plans.

The oil cartel began Mar. with a production decrease to 27.43 MM /d, down 110K b/d, aiming to improve member compliance with quotas, particularly in Nigeria and Iraq.