Markets

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.

The Jan. output in the US fell to 13.15MM /d, the lowest level in over a year, according to the US Energy Information Administration (EIA).

The Central Asian country's combined crude oil and condensate production reached a record high of 2.17MM b/d in Mar., consistently exceeding its OPEC+ crude oil quota of 1.468MM b/d.

In Norway, Equinor Energy AS has awarded Technip FMC a contract for the Johan Sverdrup Phase 3 development in the Norwegian North Sea.

US oil executives, while welcoming President Trump's pro-energy stance and deregulation efforts, harbor concerns about his push for lower oil prices.