Adjust downward the overall production by 2 mb/d from the August 2022 required production levels, starting November 2022 for OPEC and non-OPEC Participating Countries

Russia currently forecasts a further drop in Urals oil price over the next three years – to $70.1/b in 2023, $67.5/b in 2024, and $65/b in 2025. Its 2022 forecast is $80/b.

Preliminary production figures for August 2022 show an average daily production of 1 998 000 barrels of oil, NGL and condensate.

The Groningen gas field's output is due to be lowered to 2.8 bcm in the 12 months through to the end of September 2023, ahead of its planned closure at the end of that year.

Gazprom produced 300.8 billion cubic meters of gas from January 1 through September 15, 2022. This is a decrease of 15.9 per cent (or 56.8 billion cubic meters) versus the same period of last year.

World oil demand growth in 2022 remained unchanged from the previous month’s assessment at a healthy level of 3.1 mb/d. For 2023, the forecast for world oil demand growth also remained unchanged from the previous month’s assessment to 2.7 mb/d.

Digital transformation in oil and gas is more of a transformation problem than it is a digital one. Many executives are hesitant to invest heavily in digital transformation but continue to be hampered by the cost of poor quality.

Revert to the production level of August 2022 for OPEC and non-OPEC Participating Countries for the month of October 2022 as per the attached table, noting that the upward adjustment of 0.1 mb/d to the production level was only intended for the month of September 2022.

The EU’s sixth round of sanctions over the invasion of Ukraine includes a ban on Russian oil, as well as the use by third countries of the bloc’s companies for insurance and financial services.

Preliminary production figures for July 2022 show an average daily production of 1 876 000 barrels of oil, NGL and condensate.