- QatarEnergy selects Nakilat to own and operate 25 conventional LNG vessels
- The joint development of the Dorra field between Saudi Arabia and Kuwait is pending the demarcation of the border with Iran
- Minister of Energy reaffirms the UAE’s commitment to adopting clean energy and supporting the Paris Agreement
- The new Hassi Messaoud refinery enjoys the support of the government and President Tebboune
- Increasing electrical interconnection capacities to export electricity beyond borders
- Qatar Energy stops sending liquefied gas tankers through the Red Sea for security reasons
- The inauguration of the Duqm Refinery, the largest joint Gulf project in the refinery sector
- Saudi oil exports are faltering due to Houthi attacks on ships in the Red Sea and Gulf of Aden
- Algeria to host and chair the Gas Exporting Countries Forum summit (February 29 to March 2, 2024)
- Egypt Energy Conference and Exhibition 2024 gives a strong impetus to the global energy dialogue
Saudi Arabia cuts its production to 8.5 million barrels per day in May 2020
A few days ago, Saudi Aramco sources said that they would cut production to 8.5 million barrels per day during May 2020, as part of OPEC+ agreement with Russia and other major oil producers.
Under the agreement, OPEC+ members will reduce their production by 23%, with Saudi Arabia and Russia reducing production by 2.5 million barrels per day, and Iraq will reduce production by more than a million barrels per day.
OPEC+ sources are expecting cuts from the United States and others amounting to 5 million barrels per day, but the group’s statement did not mention this condition.
The state of Texas alone produces about 5 million barrels per day and is therefore the largest state producing oil in US, and there are news about possible reductions in oil production from Texas in the near future.
According to Bloomberg, Saudi Aramco has loaded shipments to the United States during the first week of April 2020, by loading 7 very large oil tankers (ULCC) with a capacity of two million barrels each, heading to the United States. Also, Saudi Arabia will sell about 600,000 barrels per day of crude oil to the United States during the month of April 2020.
The shipments agreed with the American refineries come before the implementation of the new agreement to reduce production. While Saudi Arabia raised its production to a record level during April 2020 amounted to 12.3 million barrels per day, at a time when American demand decreased a lot, due to closings to reduce the outbreak of the emerging Corona virus.
