Energy Intelligence’s Post

The Joint Ministerial Monitoring Committee (JMMC) reviewed the crude oil production data for the months of July and August 2024 and current market conditions. During the meeting, the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation confirmed that they had achieved full conformity and compensation according to the schedules submitted for September. The three countries reiterated their strong commitment to maintaining full conformity and compensation throughout the remaining period of the agreement. The final assessments of September crude oil production levels will be based on the approved secondary sources providing data on production of countries participating in Declaration of Cooperation (DoC), which will be available by the second week of October 2024. #oil #price #production #OPEC #Russia Click and see more https://lnkd.in/e4N7bgUu

🇱🇾 Libya's oil exports are expected to accelerate in the coming days, with NOC announcing on 20th October that crude and condensate output had rebounded to 1.33 Mbd, the highest level since July. Export volumes have risen to just over 1Mbd in the past 10 days, with most of the cargoes heading to Europe 🇪🇺 However, China 🇨🇳 remains the largest single buyer, with 169 kbd of Libyan crude shipped so far this month, including 4 Suezmax tankers chartered by Unipec en route to the country. Future Libyan loadings are likely to stay within the West of Suez region due to the significant weakening of light sweet crude differentials in Asia. #oiltrading Source : Kpler

#UAE #Opec third-largest producer, has #increased its #production capacity as part of a plan to reach 5 million bpd in output by 2027. #Adnoc can now pump 4.85 million barrels a day, up from 4.65 million bpd at the end of 2023 Meanwhile, #Turkey has confirmed that it would halt all trade with #Israel until the country improves the flow of aid into Gaza About 40 per cent of Israel’s annual oil demand is supplied by crude transported via #pipeline from Turkey’s Mediterranean oil port of Ceyhan. #DanaGas production from its Khor Mor plant in #Iraq Kurdistan region had been restored to normal levels after a drone attack last week. as the fallout from Iran’s attack on Israel has remained limited, #Brentcrude has fallen by about 8 per cent since reaching a six-month high of $91.17 a barrel in April, #Brent the benchmark for two thirds of the world’s oil, was trading at $83.85 a barrel #WestTexasIntermediate the gauge that tracks US crude, was at $79.14 a barrel

The Persian Gulf and Strait of Hormuz transit 17% of global oil supply, making the region critical for energy markets. Iran’s oil exports, approximately 1.5 million barrels per day, remain vulnerable to potential disruptions. While OPEC+ has managed supply in recent years, free passage through the Strait is essential. Westwood’s Energy & Infrastructure team will continue to provide updates on how tensions in the Middle East may impact global oil markets. #MiddleEast #StraitofHormuz #OilPrices #EnergyInvesting

The Persian Gulf and Strait of Hormuz transit 17% of global oil supply, making the region critical for energy markets. Iran’s oil exports, approximately 1.5 million barrels per day, remain vulnerable to potential disruptions. While OPEC+ has managed supply in recent years, free passage through the Strait is essential. Westwood’s Energy & Infrastructure team will continue to provide updates on how tensions in the Middle East may impact global oil markets. #MiddleEast #StraitofHormuz #OilPrices #EnergyInvesting

#Shares of #petrochemical companies in #Asia slumped on Friday, while oil prices surged amid escalating tensions in the Middle East following reported explosions in Iran, Syria and Iraq. - Japan’s #Nikkei 225 falls 2.66% at close of trade - #Brent crude briefly crosses $90/bbl; oil eases off highs - #Israel behind #Iran explosions – reports #ICIS #shares #Asia #petrochemical #Mideast #oil #Brent https://lnkd.in/dRE_qCKv

Oil output in Türkiye's southeast to reach new peak by end

Libya Oil Exports Disrupted by Pipeline Fire The Sharara pipeline, a frequent target for warring factions, has faced repeated shutdowns in recent years. These events highlight Libya’s struggles to fully exploit its vast oil reserves, which are rich enough to change the country’s economic standing. Read it here ▶ https://lnkd.in/ev2NqC3x #pipelinejournal #pipelinenews #pipelineindustry #pipelines #Libya #oil

It has been more than a year since Kurdish #crude exports via #Turkey have been offline, depriving the market of 450kb/d. While IOCs operating in Kurdistan faced production challenges throughout 2023, the growth of domestic sales helped offset some of the pressure. A new wave of buyers have now emerged in the Kurdish domestic market, helping prevent production shut-ins as well as complicating Iraq's efforts to meet its #OPEC+ quota commitments. Over the past several months, Kurdish crude production has inched higher, with current production levels est. at 290-295kb/d. How has Kurdistan's oil trade shifted since the March 2023 pipeline closure and who are the new buyers on the domestic market? Will Kurdish crude ever return to the market or will Iraq pivot instead on newfound hopes of rehabilitating its own pipeline from Kirkuk to Turkey? To receive a free copy of the Renaissance Energy Advisors note sent to clients today, please email: research@renaissance-energyadvisors.com. #iraq #crude #Kurdistan #OPEC #mediumsour #Med #trade #oil

Oil is set on fire, crude rises 5%, and markets are agitated due to Iranian rockets fired at Israel https://lnkd.in/gV-c5GDc #businessfortune #LatestNews #BreakingNews #cruderises #Iranian #iranianrockets #Israel #oil #Crude #CrudeOil