The general secretary of the OPECMr Haitham al-Ghais said the group’s agreement to cut production helped address challenges facing global oil markets, the Iraqi Oil Ministry said on Tuesday. Al-Ghais, who is visiting Baghdad, added that OPEC’s most important goal is to achieve stability and balance between supply and demand. Last November, given the weakening […]
Tag: Petroleum
Chevron raises its annual share buyback target to $20 billion
US oil company Chevron Corporation on Tuesday raised its share buyback outlook to $10 billion to $20 billion a year and reaffirmed its output forecasts of more than 3% annual growth by 2027. Shares of the company, which is scheduled to hold its annual investor meeting later in the day, were up 1.3% at $165 […]
Vista oil company profits grew 431.5% in 2022
The Vista oil company, whose operations are focused on the formation of hydrocarbons unconventional Vaca Muerta, in Argentinaregistered a net profit of 269.5 million dollars last year, 431.5% more than in 2021. According to the results note published this Thursday by the company, Vista’s net earnings rose to $75.5 million in the fourth quarter of […]
Morgan Stanley raises 36% estimate of oil demand growth for 2023 and points out Russian risk
Morgan Stanley raised its estimate of global demand growth for Petroleum for this year around 36%, citing the growing momentum of the Chinese reopening and the recovery of aviation, but noting the increase in supply russian as a compensating factor. World crude oil consumption is now expected to rise to about 1.9 million barrels per […]
Exxon Mobile announces that it recovered its investment in its first project in Guyana
the oil company US Exxon Mobile announced this Saturday that it has already recovered the money equivalent to the amount invested in the first offshore oil project in guyana. The company’s president in Guyana, Alistair Routledge, told the state broadcaster that the development cost of the Liza 1 project, the first oil zone in the […]
Petroecuador denounces loss of 3,500 barrels of crude oil per day due to indigenous protests
the state Petroecuador reported this Saturday that it loses about 3,500 barrels of crude oil per day due to “acts of vandalism” against its facilities, attributed to Waorani indigenous people protesting against alleged environmental damage by the company in the Amazon of Ecuador. “The natives closed a valve in the pipeline that interrupted the pumping […]
Russia “voluntarily” reduces its crude production by 500,000 bd in March
Russia will reduce “voluntarily” oil production at 500,000 barrels per day (bd) in March after the cap imposed by the G7, Australia and the European Union (EU) to Russian crude oil and derivatives for its “military campaign” in Ukraine. “Today we are fully selling the entire volume of oil produced, however, as stated above, we […]
Talara refinery already produces 30,000 barrels of oil a day
On going. Volume will remain at that level until March and then it will increase capacity to reach 41,000 bpd. The New Talara Refinery (NRT) started producing biodiesel B5 less than 50 ppm (parts per million) of sulfur. This action was carried out after concluding the guarantee tests of the Diesel Hydrotreatment Unit (HTD) of […]
Advancement of the Chinese economy would be greater than expected and will boost the demand for oil, according to the IEA
The International Energy Agency maintains that if the Chinese economy recovers, it will be necessary for the OPEC+ countries to analyze their production policies, currently reduced by 2 million barrels per day. The Chinese economy, the world’s second-biggest oil-consuming country, could be about to experience a stronger-than-expected rebound that would boost demand for oil and […]
Petroperú would start to operate more than 52% of the national crude oil
To the delivery of the New Talara Refinery (NRT), the Ministry of Energy and Mines (Minem) has added the commitment of up to 100% of the Talara lots (52% of national production) to repower Petroperú and strengthen the energy independence of the country. There are six batches whose contracts are close to expiring, between 2023 […]