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Serbia Seeks Fifth US Sanctions Waiver for Russian-Owned Oil Firm NIS, Minister Says

CDN and International News, Conventional Energy, Latest, Oil / By

BELGRADE, July 14 (Reuters) – Talks between Belgrade and the United States over postponing sanctions against Russian-owned Serbian oil company NIS for a fifth time have been marred with difficulties, Serbian mining and energy minister Dubravka Djedovic Handanovic said on Monday. NIS (NIIS.BEL) has so far secured a fourth reprieve, which is due to expire …

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Saudi Arabia Just Became OPEC’s Newest Cheater

CDN and International News, Conventional Energy, Latest, Oil / By

The International Energy Agency says the kingdom exceeded its output quota by about 700,000 barrels a day. The most surprising part of the International Energy Agency’s latest monthly outlook isn’t its demand forecast, which remains pessimistic, but rather what it says about how much oil an OPEC+ stalwart pumped last month. Traditional production quota cheats …

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World Oil Market May be Tighter Than it Looks, IEA Says

CDN and International News, Conventional Energy, Latest, Oil, Tri-Pinned / By

World oil market may be tighter than it looks, IEA says IEA sees 2025 demand growth slowing to 700,000 bpd Raises 2025 supply forecast after OPEC+ hike Says price indicators suggest tighter physical market (Reuters) – The world oil market may be tighter than it appears despite a supply and demand balance pointing to a …

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OPEC Fortifies Outlier View That Oil Demand Will Grow to 2050

CDN and International News, Conventional Energy, Energy Topics & Technology, Forecasts, Latest, Oil, OPEC / By

By Grant Smith OPEC reinforced its view — an outlier even within the petroleum industry — that global oil consumption will keep increasing to the middle of the century. Demand will grow by roughly 19% to reach almost 123 million barrels a day by 2050, the Organization of the Petroleum Exporting Countries said in a …

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OPEC Trims Oil Demand for Next Four Years, Says No Peak in Sight

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

Summary OPEC says peak demand is not in sight OPEC expects demand to grow for longer than other forecasters Demand growth is slowing in China (Reuters) – OPEC cut its global oil demand forecasts for the next four years on Thursday as Chinese growth slows, even as it lifted its longer-term view, based on rising …

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Norway’s Equinor Makes Gas Find in Barents Sea

CDN and International News, Conventional Energy, Latest, Natural Gas / By

(Reuters) – Norway’s Equinor has discovered gas in the Skred prospect near the Johan Castberg field in the Barents Sea, the Norwegian Offshore Directorate said on Thursday. Preliminary estimates indicate a discovery of between 0.3 billion and 0.5 billion standard cubic metres of recoverable gas equivalent, corresponding to between 1.9 million and 3.1 million barrels …

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‘Fortress Russia’ Has Confiscated $50 Billion in Assets Over Three Years, Kommersant Says

CDN and International News, Latest / By

(Reuters) – Russia has confiscated assets worth 3.9 trillion roubles, or around $50 billion at current exchange rates, over the past three years, underscoring the scale of the transformation into a “fortress Russia” economic model, the Kommersant newspaper said. Foreign companies have grappled with the risk of state seizure since Russia sent troops into Ukraine …

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UAE Says Markets Thirsty for Oil Despite Boosts in OPEC+ Output

CDN and International News, Conventional Energy, Latest, Oil / By

Summary UAE says stocks not rising despite production increases OPEC+ close to completing voluntary cut unwinding Still has 3.65 mln bpd of other cuts in place OPEC+, majors meet for biennial seminar VIENNA, July 9 (Reuters) – Markets are thirsty for oil because they are absorbing OPEC+ production increases without building inventories, United Arab Emirates …

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COMMENTARY: Saudi Plays Short and Long Game With OPEC+ Production Gamble – Bousso

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

By Ron Bousso OPEC+ to increase output target by 2.5 million bpd between April and September Saudi has large spare production while others produce at capacity Riyadh’s share of global oil production declined to 11% in 2024 from 13% LONDON, July 8 – Saudi Arabia’s drive to rapidly increase OPEC+ oil output may put Riyadh …

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OPEC+ Is Rushing Toward a Production Strategy Crossroads

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

Ever since OPEC+ stunned oil markets by opening the taps three months ago, traders have tried to divine the cartel’s motives. Clarity may soon be at hand. On Saturday, Saudi Arabia and its partners agreed to further accelerate plans for reviving crude production, despite signs of an impending oversupply in world markets. The full rationale remains opaque. …

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