With global oil demand set to moderate in the first quarter of 2024, the OPEC+ alliance appears set to extend its production cuts, though the duration is yet to be determined, analysts say. As well, deeper cuts could be considered, some OPEC+ officials have hinted.

Russia is expected to reduce both oil and natural gas production this year, according to Deputy Prime Minister Alexander Novak. Oil is projected to fall by 8 million tons to 527 million tons, compared to 535 million tons last year, he said.

The world oil demand growth forecast for 2023 is revised up marginally from the previous month’s assessment to 2.5 mb/d.

Global oil demand is now projected to rise by 2.4 million b/d in 2023 to 102 million b/d, but growth will decelerate to 930,000 b/d in 2024,

India, the world's third biggest oil importer and consumer, ships over 80% of its oil needs from overseas and wants to cut its crude import bill.

However, there are growing signs of a thaw in relations between the Biden administration and Caracas, with the sides holding talks to explore temporarily lifting sanctions to encourage Venezuela to hold competitive presidential elections next year.

«Россия полностью выполнила условия сделки, она сократила добычу на 500 тыс. баррелей в сутки и на 300 тыс. баррелей в сутки – поставки на экспорт»,

Preliminary production figures for August 2023 show an average daily production of 2 006 000 barrels of oil, NGL and condensate.

As we come to the end of the Africa Climate Summit week in Nairobi, Kenya, a variety of discussions have taken place among various stakeholders and global citizens to explore different methods to reduce greenhouse gas emissions.

Preliminary production figures for July 2023 show an average daily production of 2 036 000 barrels of oil, NGL and condensate.