Russia Warns of Cutting Oil Output Following Drone Attacks
Russia's oil pipeline monopoly Transneft has warned producers they may have to cut output following Ukraine's drone attacks on critical export ports and refineries, three industry sources said on Tuesday.Kyiv has stepped up attacks on Russian energy assets since August in a bid to impede Moscow's war effort in Ukraine and reduce the Kremlin's revenues as attempts to secure an end to the conflict through peace talks have stalled.Oil and gas revenues have accounted for between a third and half of Russia's total federal budget proceeds over the past decade…
China's crude oil output in August is up 7.6% on a year-on-year basis
China's crude throughput in August increased 7.6% compared to a year ago, official data revealed on Monday. State-owned refineries also maintained high operating rates. According to the National Bureau of Statistics, the world's second largest oil consumer processed approximately 14.94 million barrels of crude per day in August. The daily processing rate was the second highest over a period of 17 months, but it was 1.3% below the highest level in June 2025. From January to August, crude oil production was 488.07 metric tons or 14.7 millions bpd. This is a 3.2% increase compared to last year's same period.
The IEA reports that Russia's oil export revenues fell in August.
The International Energy Agency reported on Thursday that Russia's revenues from crude oil and petroleum products fell in August, to the lowest level since the beginning of the conflict with Ukraine. The Russian energy industry is being challenged by drone attacks on oil refineries, export pipelines and Western sanctions. The IEA reported that revenues dropped by $920 millions from July to $13.51 Billion due to a decrease in crude oil and fuels exports, as well as a widening discount on the Russian flagship Urals blend oil price at around $56 - below the Western-imposed $60 price cap per barrel.
The IEA reports that Russia's oil export revenues fell in August.
The International Energy Agency reported on Thursday that Russia's revenues from crude oil and petroleum products fell in August, to the lowest level since the beginning of the conflict with Ukraine. The Russian energy industry is being challenged by drone attacks on oil refineries, export pipelines and Western sanctions. The IEA reported that revenues dropped by $920 millions from July to $13.51 Billion due to a decrease in crude oil and gasoline exports, as well as a widening discount on the Russian flagship Urals oil mixture's price of around $56 per barrel. This is below the Western-imposed $60 per barrel price cap.
WhiteWater, Partners Move Ahead with Eiger Express Pipeline Construction
WhiteWater and its partners have reached a final investment decision (FID) to move ahead with the construction of the Eiger Express Pipeline, the infrastructure firm said on Monday.Driven by a boom in U.S. liquefied natural gas exports as well as rising demand for natural gas on the back of increasing electricity consumption, gas production in the country's shale fields is expected to rise even as oil output begins to plateau.U.S.
Angola aims to increase gas production as oil output stagnates despite OPEC's exit
Azule Energy, a company optimistic about Angola's gas potential and having had success with its first gas drilling campaign last month, is now considering another exploration. Angola is expecting gas production to increase by more than 20 percent in the next five year as the country targets increased exports to Europe, Asia and domestic demand. Its oil output will stagnate despite leaving OPEC. Angola, Sub-Saharan Africa’s second-largest oil producer after Nigeria is turning to natural gas as a way to drive its industrialisation program based on favorable investment terms.
Angola Looks to Gas Growth as Oil Output Flatlines
Optimistic over Angola’s untapped gas potential, Azule Energy is considering another gas exploration well after leading the country’s first drilling campaign targeting gas and hitting success last month, the CEO told Reuters.Angola expects gas production to rise more than 20% in the next five years as it targets higher exports to Europe and Asia and to meet growing domestic demand, while its oil output stagnates despite the country exiting OPEC.Sub-Saharan Africa's second-largest crude producer after Nigeria, Angola is pivoting…
Mexico shifts to fracking in order to boost Pemex oil production
Mexico plans to use hydraulic fracturing more to access unconventional hydrocarbons and boost oil and natural gas production, after years of declining production. This marks a change in Mexico's stance towards what some call a highly-polluting practice. Evaluation and development of unconventional hydrocarbon deposits hidden deep underground in complex geological formations are part of the 10-year plan to revitalize Petroleos Mexicanos (Pemex), Mexico's heavily indebted energy company. After a major energy reform in 2014 Mexico tried to exploit unconventional oil-and-gas plays that required hydraulic fracture, or fracking.
Azeri BTC oil loads at Ceyhan resumed after contamination scare
Azeri BTC crude oils loadings from Turkish port of Ceyhan resumed Wednesday after an increase in checks due to contamination issues had delayed loadings for the past few days, according to several industry sources. A port agent confirmed that the Aframax tanker Searanger was loaded on one of the berths of the BTC Ceyhan Terminal Wednesday morning, after it was determined that the tank storage had been cleaned of contaminants. Port documents show that Searanger arrived in Ceyhan, Turkey on July 19. Another tanker, scheduled to load yesterday, was still at anchor, waiting for clearance.
China's oil output surges in June as state-owned refining facilities ramp up their operations
China's crude throughput in June increased 8.5% compared to a year ago, official data revealed on Tuesday. State-owned refineries saw an increase in operations, and a return in profits, according consultancies. According to the National Bureau of Statistics, the world's second largest oil consumer processed about 15,15 million barrels of crude per day in June. Calculations based on data show that the daily processing rate has increased by 8.8% since May, reaching the highest level seen since September 2023. According to Chinese consultancy OilChem…
PDVSA Reaches $17.5b in Abroad Oil Sales in 2024
Venezuelan state-run PDVSA's oil sales abroad in 2024 stood at $17.52 billion, according to a results document seen by Reuters on Friday, as exports jumped due to U.S. licenses allowing foreign partners to operate in the sanctioned OPEC member.There are no comparative figures from previous years because PDVSA has not published its results since 2016, and it did not immediately respond to a request for comment.Venezuela has some of the world's largest reserves of oil, but its crude output remains at a fraction of what it was a decade ago after a lack of investment, mismanagement at PDVSA and U.S.
Saudi Arabia Complying With Voluntary OPEC+ Target
Saudi Arabia's energy ministry said on Friday the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi marketed crude supply in June was 9.352 million barrels per day, in line with the agreed quota.The statement follows a report this month by the International Energy Agency (IEA), which said that Saudi Arabia exceeded its oil output target for June by 430,000 barrels to reach 9.8 million barrels, compared to the kingdom's implied OPEC+ target of 9.37 million bpd.OPEC+ decided to stop using IEA data in 2022…
As Wars Rage, Middle East's Waning Influence on World Oil Prices Exposed
The contained move in oil prices during the Israel-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics will no longer be the dominant force in oil markets they once were.The jump in oil prices following Israel's surprise attack on Iran was meaningful but relatively modest considering the high stakes involved in the conflict between the Middle East rivals.Benchmark Brent crude prices, often considered a gauge for geopolitical risk…
Overview of Iran's major gas fields and oil infrastructure
Israel attacked an installation in Iran's South Pars Gas Field on Saturday. This was the first attack against Iran's oil-and-gas sector, as part of a long-term operation that the Israeli government warned would take place to stop Tehran from developing an atomic bomb. Iran has temporarily suspended gas production at the South Pars Field, Iran's share of the world's biggest natural gas reserve. The field is located beneath the Gulf, and it's shared with Qatar, a major gas exporter. Iran reported that Israel had also attacked a fuel depot in Tehran and an oil refinery close to the capital, but the authorities claimed the situation was now under control.
Overview of Iran's major gas fields and oil infrastructure
Israel attacked an installation in Iran's South Pars Gas Field on Saturday. This was the first attack against Iran's oil-and-gas sector, as part of a long-term operation that the Israeli government warned would take place to stop Tehran from developing an atomic bomb. Iran has temporarily suspended gas production at the South Pars Field, Iran's share of the world's biggest natural gas reserve. The field is located beneath the Gulf, and it's shared with Qatar, a major gas exporter. Iran reported that Israel had also attacked a fuel depot in Tehran and an oil refinery close to the capital, but the authorities claimed the situation was now under control.
Commodity Report: Meeting Oil Demand a Challenge if Israel Hits Iran Oil
Oil market participants have switched to dreading a shortage in fuel from focusing on impending oversupply in just two days this week.After Israel attacked Iran and Tehran pledged to retaliate, oil prices jumped as much as 13% to their highest since January as investors price in an increased probability of a major disruption in Middle East oil supplies.Part of the reason for the rapid spike is that spare capacity among OPEC and allies to pump more oil to offset any disruption is roughly equivalent to Iran's output, according…
Nigerian oil sector enters new phase of growth thanks to local firms
Nigeria's oil and gas industry is undergoing a major shift as local companies take on a greater role, resulting in a new phase for innovation and growth. The companies that are leading the charge include those who have purchased onshore and shallow-water assets from oil majors, which plan to invest billions of dollars in developing abandoned fields. Even smaller producers are contributing. For example, Nigeria's Otakikpo crude terminal was the first onshore crude terminal to be developed and operated locally. It began loading operations Monday. It was built by Green Energy Limited in the OML11 block near Port Harcourt.
Exxon Signs Agreement With Azeri SOCAR to Explore Oil Production
Exxon Mobil and Azeri state energy company SOCAR said on Monday they signed a deal agreeing to explore onshore oil and gas production in Azerbaijan, while BP is expected to buy into new Azeri offshore fields, according to three sources.Azerbaijan's production mainly relies on mature oil fields in the Caspian Sea and the country is aiming to maintain its oil output at around 582,000 barrels per day over the next five years with investment from Western energy companies.At the Baku Energy Week conference, SOCAR and Exxon signed a memorandum of understanding for the exploration…
Azerbaijan’s SOCAR signs agreements for oil exploration with Exxon and BP
Azeri SOCAR, the state-owned energy company of Azerbaijan, signed agreements with Exxon Mobil & BP for oil and natural gas exploration in Azerbaijan at a conference on energy in Baku. According to the U.S. Department of Energy, Azerbaijan's proven oil reserves are 7 billion barrels. Its proven natural gas reserves are 1.7 trillion cubic meters. The country's oil output has been declining for several years after the Azeri-Chirag-Gunashli (ACG) complex of oilfields passed its peak of 50 million metric tons, or 1 million barrels per day, in 2010. BP declined comment. Exxon Mobil didn't immediately respond to a comment request.
EIA: US crude oil production hit a record high in March while demand fell
The U.S. Energy Information Administration reported in its Petroleum Supply Monthly Report on Friday that U.S. crude output reached a record monthly high in March while the demand for oil products fell to the lowest level in a full year. The U.S. crude output increased to 13,49 million barrels a day in March. This is up from the previous all-time record of 13,45 million bpd, which was set in October 2024. EIA data show that crude oil production in Texas, which is the top oil producing state in the United States, increased by 50,000 barrels per day (bpd) from February to 5,71 million bpd, the highest level since November 2024.