International oil and gas news

Here are some recent international oil and gas news updates:

Global Energy Market

• The International Energy Agency (IEA) has warned that the global energy market is facing a "perfect storm" of challenges, including a surge in demand, supply chain disruptions, and the impact of climate change. (Source: Reuters)
• The IEA has also predicted that global oil demand will reach 100 million barrels per day (mb/d) by 2025, driven by growth in emerging markets. (Source: Bloomberg)

Oil and Gas Production

• Saudi Arabia has announced plans to increase its oil production capacity to 13 million barrels per day (mb/d) by 2027, up from 12.3 mb/d currently. (Source: Arab News)
• Russia's Gazprom has reported a 10% increase in natural gas production in the first quarter of 2023, driven by increased output from its Yamal LNG project. (Source: TASS)
• The United States has become the world's largest oil producer, surpassing Saudi Arabia and Russia, according to the US Energy Information Administration (EIA). (Source: CNBC)

Oil and Gas Exploration and Development

• ExxonMobil has made a significant oil discovery in the Guyana-Suriname Basin, with an estimated 1.2 billion barrels of oil equivalent. (Source: Offshore Magazine)
• BP has announced a major gas discovery in the Gulf of Mexico, with an estimated 1.5 trillion cubic feet of natural gas. (Source: Oil & Gas Journal)
• Total has made a significant oil discovery in the Côte d'Ivoire, with an estimated 200 million barrels of oil. (Source: African Energy)

Oil and Gas Infrastructure

• The United Arab Emirates has announced plans to build a new oil refinery in the emirate of Fujairah, with a capacity of 500,000 barrels per day. (Source: Gulf News)
• China has launched a new oil pipeline project, connecting the city of Qingdao to the Shanghai International Shipping Center. (Source: Xinhua)
• The United States has approved the construction of a new liquefied natural gas (LNG) export terminal in Texas, which will have a capacity of 2.2 million tonnes per annum. (Source: Reuters)

Oil and Gas Prices

• Oil prices have fallen to their lowest level in over a year, driven by concerns over global economic growth and a surge in US oil production. (Source: Bloomberg)
• Natural gas prices have also fallen, driven by a mild winter and increased supply. (Source: CNBC)

Oil and Gas Policy and Regulation

• The European Union has announced plans to phase out fossil fuel subsidies by 2025, as part of its efforts to reduce greenhouse gas emissions. (Source: EurActiv)
• The United States has announced plans to increase its oil and gas exports, as part of its efforts to reduce its reliance on foreign oil. (Source: Reuters)
• The International Maritime Organization (IMO) has announced plans to implement new regulations to reduce greenhouse gas emissions from international shipping. (Source: IMO)