Latest news with #oilproducers
Wall Street Journal
4 days ago
- Business
- Wall Street Journal
OPEC Sees Lower Supply Growth From Rivals, Keeps Demand Outlook Steady
The Organization of the Petroleum Exporting Countries trimmed next year's forecast for supply growth from the U.S. and other rivals while keeping its oil demand expectations unchanged as it continues to ramp up production. The Vienna-based cartel expects supply from producers outside of the wider OPEC+ alliance to rise by 730,000 barrels a day in 2026, down from 800,000 barrels a day previously. U.S. oil output is projected to grow by 210,000 barrels a day, compared with previous expectations of a 280,000 barrels-a-day increase, reflecting lower capital spending and a slowdown in drilling activity.
Zawya
4 days ago
- Business
- Zawya
Baker Hughes says all facilities operating in Middle East
KUALA LUMPUR: All the facilities of energy services firm Baker Hughes are operating normally in the Middle East, chief executive Lorenzo Simonelli told Reuters on the sidelines of the Energy Asia conference on Monday. "Currently, all of our employees are safe, and the facilities continue to run and operate," he said. "Hopefully there's a de-escalation of tensions." He said that it was still too early to say what impact the fighting between Israel and Iran would have on energy supplies. "It's a little early, and we've got to monitor the situation," he said. "What we know is that demand is resilient, and we continue to see strong demand, and ... if there are constraints in supply from one region, it will drive the supply opportunities from other regions," he added. Baker Hughes has a substantial presence in the Middle East, including an oil services hub in Saudi Arabia. The headquarters of its surface pressure control business are located in Abu Dhabi. Simonelli said the company would continue to monitor and review routes and ports in the region to ensure safety when shipping equipment and providing services. "We will not go into a location that is insecure for our employees or also for ... supporting our operations," he said. The company forecast in April steeper drops in spending by global oil producers as tariffs dent demand expectations and push down crude prices. Tariffs on steel and aluminium imports to the United States are due to kick in on July 9 after a series of delays. "I think we're all monitoring the situation on tariffs," he said, adding that higher commodity and raw material prices could impact investment decisions on new projects. "At this stage, we're not seeing any change in position from our customers," he said.
Reuters
4 days ago
- Business
- Reuters
Baker Hughes says all facilities operating in Middle East
KUALA LUMPUR, June 16 (Reuters) - All the facilities of energy services firm Baker Hughes (BKR.O), opens new tab are operating normally in the Middle East, chief executive Lorenzo Simonelli told Reuters on the sidelines of the Energy Asia conference on Monday. "Currently, all of our employees are safe, and the facilities continue to run and operate," he said. "Hopefully there's a de-escalation of tensions." He said that it was still too early to say what impact the fighting between Israel and Iran would have on energy supplies. "It's a little early, and we've got to monitor the situation," he said. "What we know is that demand is resilient, and we continue to see strong demand, and ... if there are constraints in supply from one region, it will drive the supply opportunities from other regions," he added. Baker Hughes has a substantial presence in the Middle East, including an oil services hub in Saudi Arabia. The headquarters of its surface pressure control business are located in Abu Dhabi. Simonelli said the company would continue to monitor and review routes and ports in the region to ensure safety when shipping equipment and providing services. "We will not go into a location that is insecure for our employees or also for ... supporting our operations," he said. The company forecast in April steeper drops in spending by global oil producers as tariffs dent demand expectations and push down crude prices. Tariffs on steel and aluminium imports to the United States are due to kick in on July 9 after a series of delays. "I think we're all monitoring the situation on tariffs," he said, adding that higher commodity and raw material prices could impact investment decisions on new projects. "At this stage, we're not seeing any change in position from our customers," he said.
Bloomberg
11-06-2025
- Business
- Bloomberg
Trans Mountain Eyes Pipeline Capacity Increase by Early 2027
The Trans Mountain pipeline could handle an additional 75,000 barrels of crude a day by a early 2027, the government-owned company's top executive said, potentially helping Canadian oil producers expand shipments to non-US markets. Chemicals that make crude flow more easily through the line could be used in less than two years as a first stage of the capacity increase, Trans Mountain CEO Mark Maki told reporters at a conference in Calgary. After that, increased pumping power could boost flows to about 1.14 million barrels a day, but that would require dredging the nearby waterway to allow tankers to carry more oil.
Zawya
11-06-2025
- Business
- Zawya
Iraq spent $19bln on projects in 2024
OPEC oil producer Iraq spent nearly $19 billion on projects last year and it managed to slash its forecast budget deficit due to higher oil revenues. The state budget recorded an actual deficit in 2024 of around IQD10 trillion ($8 billion), far below the projected shortfall of around $49 billion. The Iraqi Finance Ministry said in a weekend report that actual spending stood at around IQD 150 trillion ($115 billion) and revenue at IQD140 trillion ($107 billion). Current expenditure, mostly civil servants wages and government purchases, totalled IQD125 trillion ($96 billion) while project spending stood at IQD25 trillion ($19 billion). Oil revenues accounted for more than 90 percent of the country's total revenues, fetching nearly IQD127 trillion ($97 billion). The rest included taxes and customs fees. The 2024 shortfall was far below the forecast deficit of around $49 billion as actual average oil prices were much higher than was forecast by Baghdad. In mid-2023, Iraq approved a landmark three-year budget for the period 2023-2025 based on an average oil price of $70 a barrel and crude exports of 3.4 million barrels per day (bpd). Annual spending was set at around $153 billion with a shortfall of $49 billion but Parliament allowed the Finance Ministry to revise expenditure through the year depending on oil market conditions. Brent crude prices averaged nearly $80 a barrel while Iraq has been often accused of exceeding its OPEC-assigned production quota. An Iraq official warned last month that the budget deficit in 2025 could widen due to a decline in oil prices below the $70 assumed by the Finance Ministry. Mudhar Saleh, a financial adviser to Prime Minister Mohammed Al-Sudani, said spending is projected at IQD 200 trillion ($153 billion), equivalent to the 2024 budget. He said current expenditures, which comprise salaries to public servants and social security allocations, is expected to account for 68-70 percent of the total spending. 'The deficit in this year's budget is expected at around IQD64 trillion …it will be financed through domestic sources…it could rise in case oil prices remain below $70 a barrel and Iraq's crude exports fall below 3.4 million barrels per day,' he said. Nabil Al-Marsoumi, an Economics professor at Basra University, said this year that the actual 2023 deficit soared to around IQD 80 trillion ($68 billion) after the government overshot budgeted spending to nearly $171 billion. (Writing by Nadim Kawach; Editing by Anoop Menon)
