Oil and gas news
Here are some recent oil and gas news updates:
Global Energy Market
- OPEC+ agrees to increase oil production by 400,000 barrels per day (bpd) in July, amid concerns over rising global demand and tight supplies. (Source: Reuters)
- The International Energy Agency (IEA) warns that the global energy crisis is far from over, with oil prices expected to remain high due to supply chain disruptions and strong demand. (Source: Bloomberg)
North America
- The US Energy Information Administration (EIA) reports that US crude oil production reached a record high of 12.2 million bpd in March, driven by increased drilling activity in the Permian Basin. (Source: EIA)
- Canada's oil sands production is expected to decline by 10% in 2023 due to pipeline constraints and environmental concerns. (Source: Globe and Mail)
Middle East
- Saudi Arabia's state-owned oil company, Saudi Aramco, reports a 30% increase in net income to $88.2 billion in 2022, driven by higher oil prices and increased production. (Source: Reuters)
- Iran's oil exports are expected to increase by 500,000 bpd in the coming months, following the lifting of US sanctions. (Source: Bloomberg)
Europe
- The European Union agrees to impose a price cap on Russian oil, aiming to reduce Moscow's revenue and curb its ability to fund its military campaign in Ukraine. (Source: BBC)
- Norway's oil and gas production is expected to decline by 10% in 2023 due to natural decline and maintenance shutdowns. (Source: Offshore Magazine)
Company News
- ExxonMobil reports a 22% increase in quarterly profits to $5.5 billion, driven by higher oil prices and increased production. (Source: CNBC)
- Chevron agrees to acquire Noble Energy for $5 billion, expanding its presence in the Permian Basin and offshore Israel. (Source: Reuters)
Environmental and Regulatory
- The US Environmental Protection Agency (EPA) proposes new rules to reduce methane emissions from oil and gas operations, aiming to reduce the potent greenhouse gas by 40% by 2025. (Source: E&E News)
- The European Union's top court rules that the bloc's climate policies are compatible with the Paris Agreement, paving the way for stricter emissions targets. (Source: EurActiv)
These are just a few of the latest oil and gas news updates. If you'd like to stay up-to-date with the latest news and trends, feel free to ask me to provide more information or recommendations on where to find reliable sources of oil and gas news.