Markets

In response to the largest wildfire in Texas history, the Texas oil and gas sector faces potential disruptions, prompting industry players to enact emergency measures.

The key is to be proactive, not reactive, in addressing future problems as former General Electric CEO Jack Welch aptly stated, 'If the rate of change on the outside exceeds the rate of change on the inside, the end is near.

Amid the intricate web of OPEC+ activities, the question arises: are OPEC+ members disregarding the 2024 production cuts?

A recent survey conducted by S&P Global Platts has revealed that oil production within the OPEC+ group experienced the most significant drop in six months during Jan.

Norway's oil dynamics are undergoing pivotal changes, marked by unexpected projections for the decline of Europe's top oil field, Johan Sverdrup, and Equinor's commitment to stable production up to 2035.

Guyana is on track to produce 1.2MM b/d by 2027, according to Minister of Natural Resources Vickram Bharrat.

Brazilian state oil and gas company, Petrobras, is engaged in discussions with national oil companies (NOCs) from the Middle East, China, and India for potential collaboration in energy projects, according to CEO Jean Paul Prates.

The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group, during its recent videoconference meeting, refrained from recommending changes to crude oil production levels, affirming the current voluntary cuts of 2.2MM b/d.

The government has instructed Saudi Aramco to abandon its ambitious plan to expand oil production capacity to 13MM b/d, keeping it capped at 12MM b/d.

The Energy Information Administration (EIA) reveals that a surge in the production of denser crude oil in Texas, the leading oil-producing state in the U.S., played a pivotal role in the overall growth of U.S. crude oil output last year.