China will release crude oil from its reserves according to its needs, a foreign ministry spokesman said on Wednesday, adding that the country was in close communication with oil-producing and oil-consuming countries.

Speaking in a daily press briefing, foreign ministry spokesman Zhao Lijian again declined to comment on whether China was participating in the oil stocks releases coordinated by the United States.

“The Chinese side will organise a release of crude oil from state reserves according to its own actual needs,” said Zhao, adding that it would publish relevant information without delay.

China Says It Will Release Oil Reserves According to Its Needs | Devamı>>>

In the monthly report published by the Organization of Petroleum Exporting Countries (OPEC), global oil production increased by 30,000 barrels per day on average in August 2021 compared to the previous month, and became 95.69 million barrels/day, compared to 4.93 million barrels per day in 2020. barrel/day increased.

According to the Petroleum Market, OPEC’s report, in August, OPEC’s crude oil production amounted to 26 million 762 thousand barrels/day, with an increase of 151 thousand barrels/day compared to the previous month.

Global Oil Production Increases in August | Devamı>>>

The value of Saudi Arabia’s oil exports in May increased 147% to just over 60 billion riyals ($16 billion) from a year earlier while non-oil exports rose by 70%, official data showed on Wednesday.

“Overall merchandise exports increased by 120.1% in May 2021 compared to May 2020, when international trade was impacted by COVID-related lockdowns and travel bans in numerous countries”, the General Authority for Statistics said.

Oil exports accounted for 73.2% of total exports, up from 65.3% in May last year.

Saudi Arabia’s Oil Exports Climb 147% to $16 bln in May | Devamı>>>

Oil major Royal Dutch Shell on Thursday outlined the details of its near-term and long-term plans to transition to cleaner energy, saying its oil production and total carbon emissions have already peaked.

Shell said it aims to reduce net carbon emissions by between 6% to 8% by 2023 when compared to 2016 levels. The target jumps up to 20% by 2030, 45% by 2035, and 100% by 2050.

‘Shell’s Carbon Emissions and Oil Production Have Peaked | Devamı>>>

Oil plunged Thursday, with U.S. crude dropping almost 3 percent as the market grappled with oversupply fears as increased U.S. sanctions on Iran had more gradual impact than expected and U.S. crude oil inventories rose sharply.

U.S. crude settled down $1.79 or 2.8 percent at $61.81 a barrel, heading for its biggest weekly fall since February.

Brent crude futures fell $1.43 a barrel, or 2 percent to $70.75.

Market sentiment became more bearish as shifting U.S.

Oil Drops Nearly 3 Percent on Oversupply Worries | Devamı>>>

It has been announced by Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Mr. Muhammed Barkindo, that it plans to publish a chart of the details of voluntary production cuts quotas for members of the OPEC that support their prices and for the countries that are moving together, such as Russia.

Barkindo said that the actual limit for the member countries to reach 1.2 million barrels of production cuts per day was 3.02 percent, while this ratio was above 2.5 percent.

OPEC to Explain Country Quotas for Oil Production Deduction | Devamı>>>

Production cuts agreed by OPEC and its allies are on track to balance global oil markets in the first half of 2019, but more work may be needed after that. 

If Saudi Arabia, Russia and other countries in the so-called OPEC+ coalition cut production by 1.2 million barrels day as promised for the first six months of next year, world supply and demand will be in equilibrium. However, booming U.S. shale supplies mean they would need to almost double the cutback to prevent a new surplus in the fourth quarter, a report from the group showed. 

Why OPEC Might Be Headed for Even More Cuts in 2019 | Devamı>>>

In its latest monthly oil market report, the International Energy Agency has revised its 2019 non-OPEC supply growth forecast down by 415,000 b/d to 1.5 million b/d, partly due to expected cuts from Russia agreed last week, and to lower growth in Canada.

“By agreeing a cut of 1.2 million b/d, and additional output curbs in Canada, producers may go some way towards restoring balance to the world market,” IEA said.

IEA Revises Downward Non-OPEC Supply Growth Forecast for 2019 | Devamı>>>