Latest news with #crudeoutput
Zawya
4 days ago
- Business
- Zawya
Gulf Keystone resumes output at Iraqi Kurdistan oilfield following drone attacks
DUBAI - Gulf Keystone Petroleum has resumed production at the Shaikan oilfield in Iraq's semi-autonomous Kurdistan region, which was halted last month due to drone attacks in the area, the company said on Wednesday. Repeated drone attacks on oilfields in the region slashed crude output, including the production of other companies as well, by 140,000 barrels to 150,000 barrels per day, energy officials told Reuters last month. Gulf Keystone has a production sharing contract with Iraq's Kurdistan Regional Government with an 80% working interest in the licence for Shaikan, located around 60 kilometres (37 miles) to the northwest of the capital Erbil. "Production operations recently restarted at the Shaikan Field following a security assessment and consultation with the Kurdistan Regional Government," Gulf Keystone said in a statement. The company will provide a further update on its production and sales as part of its first-half results announcement later this month, it said. "The Company continues to actively engage with government stakeholders regarding a resumption of pipeline exports and remains ready to restart as soon as possible, contingent on securing written agreements," it added. The Kirkuk-Ceyhan pipeline has been offline since 2023, after an arbitration court ruled that Turkey should pay $1.5 billion in damages for unauthorised exports between 2014 and 2018. Turkey is appealing the ruling.
Bloomberg
5 days ago
- Business
- Bloomberg
US Oil-Output Outlook for 2026 Keeps Declining on Lower Prices
The US is going to pump even less oil in 2026 that previously estimated, as lower prices sends production down from this year's record levels. US crude output is now expected to shrink to 13.28 million barrels a day in 2026, according to the Energy Information Administration's Short-Term Energy Outlook released Tuesday. The agency's previous projection in July was for 13.37 million barrels a day, and the country is on track for the first annual drop in production since 2021.
Bloomberg
11-07-2025
- Business
- Bloomberg
Saudis in Rare OPEC+ Breach by Lifting Oil Output Above Quota
Saudi Arabia, which has repeatedly scolded other members for over-production, raised its crude output far above its OPEC+ quota last month. The kingdom boosted production roughly 700,000 barrels a day to 9.8 million barrels a day. Other producers that topped their quotas last month as Israel went to war with Iran were Iraq, Kuwait and the United Arab Emirates, the International Energy Agency said in its monthly report. Iran's output, meanwhile, sank by 400,000 barrels a day. The production increases are colliding with a substantial surplus in global oil markets, putting pressure on prices that are already down about 13% since mid-June. 'Recent months have seen a significant slowdown in oil demand, especially in developing countries,' the IEA said. — A shift in the UK bond market is creating an additional headache for Prime Minister Keir Starmer and Chancellor Rachel Reeves. The central bank and the fiscal watchdog warned this week of a structural change in demand that leaves gilts at risk for more extreme moves, as hedge funds and foreign investors play a greater role. The changes come as Starmer and Reeves have linked economic policy directly to the trajectory of yields.
Bloomberg
11-07-2025
- Business
- Bloomberg
Saudis Lift Oil Output Above Quota in Rare OPEC+ Breach
Saudi Arabia raised crude output far above its OPEC+ quota last month, joining other producers in a rush to export oil out of the Persian Gulf as Israel went to war with Iran, according to the International Energy Agency. The kingdom raised crude production by roughly 700,000 barrels a day to 9.8 million barrels a day, with about 70% of the additional supply exported, the IEA said in its monthly report. It was a rare breach of agreed OPEC+ limits by Riyadh, which has repeatedly scolded other members for over-production.
