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...“The question for the Biden administration is whether they have any incentive to utilise the sanctions architecture that the Trump administration used to take down Iran exports by 1mn b/d,” said Helima Croft...
...The IEA now predicts that oil demand will increase by 1.2mn barrels per day (b/d) this year, a 130,000 b/d reduction on its previous monthly forecast....
...Dubai police visited Dublin in October last year to discuss co-operation, following a visit by Irish police to Dubai....
...The Opec+ oil cartel has agreed a deal to cut an extra 1mn barrels a day of oil production while Saudi Arabia will extend a voluntary cut of a similar amount, two people familiar with the decision said on...
...The IEA added that record output from the US, Brazil, Guyana and Canada would help boost global supply this year by 1.5mn b/d to a record 103.5mn b/d....
...The sanctions against the Kinahans, they’ve been hailed as a victory, a landmark in co-ordinated action by western governments to take down a major crime group....
...And a better ability to set prices. And the cartel starts to establish “economic co-interests”. They’re laundering their money together and they’re investing it in countries around the world....
...The IEA now expects oil demand growth to tumble from a year-on-year rate of 2.8mn b/d in the third quarter of 2023 to 1.9mn b/d in this quarter....
...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...
...At present, Saudi Arabia produces about 9mn b/d, compared with a maximum of about 12mn b/d. Read more on oil here...
...cut by 211,000 b/d and 135,000 b/d respectively....
...At present, Saudi Arabia produces about 9mn b/d, compared with a maximum of about 12mn b/d....
...The FT reported on Friday that a further additional 1mn b/d cut by the group would likely be on the table, while Reuters had its own report saying a cut (of unspecified size) was now under consideration....
...Analysts estimate Opec+ has about 6mn b/d of spare capacity it can unleash on to global markets to lower prices if they spike into the triple digits to prevent demand destruction....
...The new estimate said US crude oil volumes reached an average of 13.13mn b/d in the three months to September, surpassing a previous record of 13mn b/d set in November 2019....
...“American society does benefit more from this co-operation on fentanyl,” said Jie Dalei, a foreign affairs expert at Peking University....
...it was fined $1.9bn for helping Mexican drug cartels launder money....
...The US, in particular, is on course to increase oil output by 1.4mn barrels a day in 2023, three times the 0.4mn b/d cut from Opec+ nations....
...2050, declining to just 97.4mn b/d....
...He believes Russian output is down 350,000 b/d since February....
...He’d switched to another promotion company, one called MTK. It’s the company that Daniel Kinahan co-founded back in Spain. By 2021, MTK Global, like Daniel, is based in Dubai....
...At new wells in the Permian, average oil production per drilling rig has increased to 1,319 b/d. A decade ago the figure was about 183 b/d....
...Just 10 companies will now control more than 6.4mn barrels of oil equivalent a day of the Permian’s 12.1mn boe/d of overall output, according to Wood Mackenzie, a consultancy....
...The IEA forecasts crude consumption to increase by 1.3mn barrels per day this year while Opec this week maintained its growth estimates of 2.25mn b/d for 2024....
...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....
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