Oil and gas update news

Here are some recent updates on the oil and gas industry:

Global Oil Market

• OPEC+ agrees to increase oil production by 400,000 barrels per day (b/d) in July, amid concerns over rising global demand and tight supplies. (Source: Reuters)
• The International Energy Agency (IEA) warns that the global oil market is facing a "perfect storm" of supply disruptions, high demand, and low inventories, which could lead to price volatility. (Source: IEA)

US Oil and Gas

• The US Energy Information Administration (EIA) reports that US crude oil production reached a record high of 12.2 million b/d in March, surpassing the previous record set in April 2020. (Source: EIA)
• The US oil rig count rises by 10 to 742, according to Baker Hughes, as oil prices recover and drilling activity increases. (Source: Baker Hughes)
• ExxonMobil announces plans to invest $20 billion in the Permian Basin over the next five years, as part of its efforts to increase oil production and reduce costs. (Source: ExxonMobil)

International Oil and Gas

• Saudi Aramco, the world's largest oil producer, reports a 12% increase in net income to $88.2 billion in the first quarter of 2023, driven by higher oil prices and increased production. (Source: Saudi Aramco)
• Russia's Gazprom announces plans to increase natural gas production by 10% in 2023, as the company seeks to boost exports and reduce reliance on European markets. (Source: Gazprom)
• The UK's North Sea oil and gas industry faces a "perfect storm" of challenges, including declining production, rising costs, and environmental concerns, according to a report by the UK's Office for Budget Responsibility. (Source: OBR)

Renewable Energy

• The US Department of Energy announces plans to invest $3.2 billion in renewable energy projects, including wind, solar, and hydrogen production, as part of its efforts to reduce carbon emissions and promote clean energy. (Source: US Department of Energy)
• The European Union sets a target of at least 55% of its energy coming from renewable sources by 2030, as part of its efforts to reduce greenhouse gas emissions and meet climate goals. (Source: European Union)
• China's renewable energy sector grows by 15% in 2022, driven by government support and declining costs, according to a report by the National Bureau of Statistics. (Source: National Bureau of Statistics)

Oil and Gas Mergers and Acquisitions

• Occidental Petroleum agrees to acquire Anadarko Petroleum for $38 billion, in a deal that will create one of the largest oil and gas companies in the US. (Source: Occidental Petroleum)
• Royal Dutch Shell agrees to acquire BG Group for $53 billion, in a deal that will expand Shell's presence in the liquefied natural gas (LNG) market. (Source: Royal Dutch Shell)
• Chevron agrees to acquire Anadarko Petroleum's African assets for $4 billion, in a deal that will expand Chevron's presence in the region. (Source: Chevron)

These are just a few of the recent updates on the oil and gas industry. If you're looking for more information or specific updates on a particular topic, feel free to ask!