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...Last year, Aramco acquired a 10 per cent stake in Shenzhen-listed Rongsheng Petrochemical for $3.6bn and entered a venture with two other Chinese companies to build a 300,000 b/d refinery and petrochemicals...
...US production rose by roughly 1.5mn b/d to a record 13.5mn b/d in 2023 while that of Iran increased to an average of roughly 3.9mn b/d from about 3mn b/d a year earlier, said Claudio Galimberti, North America...
...The IEA predicts oil demand will grow by 1.2mn b/d, about half the pace of 2023, while Opec believes demand growth will be higher at 2.2mn b/d....
...d to 13mn b/d by 2027....
...“They have 3mn b/d of spare capacity now so what is the rush of increasing production capacity to 13mn b/d.”...
...responsible for 10 per cent of global supply, said it had been asked by the energy ministry to abandon a plan to increase the Kingdom’s maximum sustainable production capacity from 12mn barrels per day to 13mn b/...
...The country pumped 13.3mn b/d of oil in November, the last month for which data is available from the Energy Information Administration, more than any country in history....
...Exhibit B: Norway’s parliament last month voted to open up for deep-sea mining in and close to the Arctic....
...It had previously forecast demand to grow by 1mn b/d in 2024....
...Harbour’s oil and gas production will rise from about 190,000 barrels a day to more than 500,000 b/d when the deal completes....
...These have picked up markedly in recent years, from a low of about 400,000 b/d in the pandemic year of 2020 to about 1.4mn b/d recently, according to Richard Bronze at Energy Aspects....
...At full capacity, the refinery will process 650,000 b/d, which could transform the country into a net exporter of refined fuels....
...In 2023, however, oil demand is on track to average 102.2mn b/d — its highest ever annual level, according to the IEA....
...and 360,000 b/d in 2025....
...Saudi Arabia’s oil output is likely to remain at 9mn b/d until the end of December, 25 per cent lower than its maximum capacity of 12mn b/d. Read more on oil here...
...Nasser expected global oil demand to average as much as 104mn b/d in the third quarter of 2023, 2.4mn b/d higher than in the same period last year, driven largely by increased demand in China....
...Its output has been reduced from about 10.5mn b/d in April to about 9mn b/d, through a combination of Opec+ mandated production targets and its voluntary cuts....
...The reduction in output is in addition to a voluntary 500,000 b/d cut announced by the kingdom in April, when its output was around 10.5mn b/d....
...The IEA said demand could hit another peak this month and was on track to average 102.2mn b/d in 2023, the highest ever annual level....
...Iran exported 1.5mn b/d of crude to China in August, the most in a decade, according to ship tracking data provided by Kpler....
...Consumption could hit another peak this month and was on track to average 102.2mn b/d in 2023, the highest ever annual level, according to the IEA’s forecast, with 70 per cent of the growth coming from China...
...It means Saudi Arabia’s oil output will remain at 9mn b/d until at least the end of September, 25 per cent lower than its maximum capacity of 12mn b/d....
...Before the incident, Exxon pumped 45,000 barrels a day out of the country; afterwards it dropped to 15,000 b/d....
...Additional reporting by Tom Wilson in London and James Politi in Washington...
...My daughter wants to be the girl, Mabel – but Madame B steals the show for me....
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