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Saudi Arabia said Sunday it would further scale back crude production by 500,000 b/d from May through the end of the year, leading a broader OPEC-plus effort to curb supplies and bolster prices. In total, the Saudi energy ministry said the group of producer countries would cut more than 1 million b/d. This would come…

Saudi Arabian Oil Co. is taking a 10% stake in a Chinese petrochemical company to expand its crude oil presence in the country. Aramco, as it is known, said it would pay around $3.6 billion to buy the interest in Rongsheng Petrochemical Co. Ltd.  Aramco Overseas Co. (AOC) would manage the stake. Under a long-term…

Domestic crude production climbed back to the high mark of the pandemic era as U.S. consumption of petroleum products increased and mounting Chinese demand fueled global growth expectations. American exploration and production (E&P) firms boosted output by 100,000 b/d to 12.3 million b/d for the week ended March 17, according to the U.S. Energy Information…

Russia aims to nearly triple LNG exports to 100 million metric tons/year (mmty) by 2030 by expanding the list of natural gas fields allowed to export the super-chilled fuel, Prime Minister Mikhail Mishustin said in a televised government meeting earlier this month. Draft amendments aimed at achieving that goal would “legally free up reserves for…

The International Energy Agency (IEA) anticipates that price volatility and intense competition over LNG volumes could heat up again this year despite months of falling prices, but the outlook is still “highly uncertain,” especially when it comes to Chinese demand. Europe’s rush to fill winter storage and replace Russian pipeline flows last year with pricey…

U.S. crude output last week held at robust levels as American exploration and production (E&P) companies remained active to bolster domestic supplies and help meet global demand. E&Ps generated 12.3 million b/d for the week ended Feb. 24. That was on par with the highest level since March 2020, when the pandemic was declared. U.S.…

Venture Global LNG Inc. has inked a pair of long-term sales and purchase agreements for two of its developing export projects in Louisiana with China Gas Holdings Ltd. The company has agreed to supply China Gas with 2 million metric tons/year (mmty) of liquefied natural gas for 20 years starting in 2027. Terms of price…

A year after Russia’s invasion of Ukraine splintered the energy landscape in Europe, the region is continuing to diversify its natural gas supply, thanks in part to a wave of LNG imports. However, it still faces years of possible shortages as global export capacity remains tight. Since last February, liquefied natural gas imports have taken…

U.S. crude production held firm at a pandemic-era high as new forecasts called for rising global demand tied to an expected surge in Chinese travel fuel consumption. American producers generated 12.3 million b/d for the week ended Feb. 10, on par with the prior week and the high mark of the past nearly three years,…