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OPEC+ Suddenly Think About Increasing Oil Production - Vimarsana News

OPEC+ Suddenly Think About Increasing Oil Production

Published: November 21, 2022

Saudi Arabia and other members of the cartel are discussing boosting production to 500,000 BPD.

Source: charter97.org
Related Topics:
Saudi ArabiaSaudi Arabia And Other Members Of The Cartel Are Discussing Boosting Production To 500000 Bpd
Iran's second oilfield in Fars begins producing 10,000 bpd - Vimarsana News

Iran's second oilfield in Fars begins producing 10,000 bpd

Published: March 22, 2022

Iran has begun production from the second oilfield in southern Fars province at a rate of 9,000 barrels per day (bpd), the CEO of the National Iranian Oil Company (NIOC) has said.

Source: presstv.ir
Related Topics:
United StatesKhorasane Ra AviMohsen KhojastehmehrNargesi Production CenterNational Iranian Oil CompanyIranian Central Oil Fields CoDirector Mohsen KhojastehmehrIranian Central Oil FieldsSoutheast AsianIslamic RepublicSouth AmericanRans Second Oilfield In Fars Begins Producing 10000 BpdOil Production
OPEC+ misses production target by 800,000 bpd - Vimarsana News

OPEC+ misses production target by 800,000 bpd

Published: February 2, 2022

OPEC+ is expected to stick to its previously agreed plan to raise March output by 400,000 bpd

Source: dunyanews.tv
Related Topics:
United KingdomOrganization Of The Petroleum Exporting CountriesGoldman SachsPetroleum Exporting CountriesWest AfricanOpec Misses Production Target By 800000 Bpd
House leader backs DOE proposal to revisit Oil Deregulation Law - Vimarsana News

House leader backs DOE proposal to revisit Oil Deregulation Law

Published: October 22, 2021

(File photo) MANILA - The chairperson of the House of Representatives Committee on Energy on Friday supported the Department of Energy's (DOE) recommendation to amend Republic Act 8479 or the Oil Deregulation Law to allow the unbundling of oil products amid the successive oil price hikes. Pampanga Rep. Juan Miguel Macapagal Arroyo said he has received a letter sent by Energy Secretary Alfonso Cusi requesting Congress to amend the Oil Deregulation Law to provide a framework for the government to intervene and address sudden, prolonged oil price hikes and require the unbundling of the cost o...

Source: philippinetimes.com
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Davao CityJuan Miguel Macapagal ArroyoDepartment Of EnergyOil Deregulation LawHouse Committee On EnergyHouse Of Representatives Committee On EnergyOrganization Of Petroleum Exporting CountriesRepresentatives CommitteeRepublic ActEnergy Secretary Alfonso CusiHouse CommitteePetroleum Exporting CountriesIle Photo Manila The Chairperson Of House Representatives Committee On Energy Friday Supported Department 39s Doe Recommendation To Amend Republic Act 8479 Or Oil Deregulation Law Allow Unbundling Products Amid Successive Price Hikes Pampanga Rep Juan Miguel Macapagal Arroyo Said He Has Receiveda Letter Sent By Secretary Alfonso Cusi Requesting Congress Providea Framework For Government Intervene And Address SuddenRolonged Oil Price Hikes And Require The Unbundling Of Cost Retail Products To Determine Their True Passed On Quoti Welcome Proposal Doe Amend Deregulation Law After Prices Escalated Over Past Eight Weeks As Chairman House Committee EnergyI Have Long Pushed Fora Special Mechanism To Prevent Overpricing In Emergency Situations The Oil Deregulation Law Does Not Give Companies Blanket Authority Take Advantage Of ConsumersUot Arroyo Said Ina Statement In The October 18 LetterUsi Cited The Need To Revise Law Allow Government Address Sudden Or Prolonged Oil Price Spikes Quot Country Is Currently Facinga Spike Due Continuing Rise In World Market Resulting From Global Increase Demand And Unanticipated Lack Of SupplyUot He Said The Organization Of Petroleum Exporting Countries Opec Agreed To Increase Production And Supply Crude Oil By 400000 Barrels Per Day Bpd And Will Meet On November 4 To Reassess The Situation Cusi Said Philippines Uses About 425000 BpdEpresenting Only 0 4 Percent Of The World Supply Arroyo Said It Is Time To Reexamine Books Oil Companies See If They Are Taking Advantage Crisis Rake In Profits Cusi Earlier Prices Petroleum Products Expected Further Increase Until Early Next Year With Current Shortage Market Ina Media InterviewE Attributed The Oil Price Hike In Past Eight Weeks Mainly To Developments Global Market Supply Is Still Lacking About Three Million Bpd As Producers And Exporters Are Only Supplying 100 While Demand At 103 Opec Plus Sticking With Its Plan Increase Output By 400000 Bpd Until April 2022 Despite The Rising Demand As Many Countries Are Recovering From Impacts Of Pandemic Pna
Expect oil prices to further go up until early 2022: DOE chief - Vimarsana News

Expect oil prices to further go up until early 2022: DOE chief

Published: October 20, 2021

DOE Secretary Alfonso Cusi MANILA - Department of Energy (DOE) Secretary Alfonso Cusi said prices of petroleum products are expected to further increase until early next year with the current shortage in oil supply in the world market. In an interview with ABS-CBN News Channel Wednesday, Cusi attributed the oil price hike for the past eight weeks mainly to developments in the global market. Global supply is still lacking around 3 million barrels per day (bpd) as oil producers and exporters are only supplying 100 million bpd while demand is at 103 millions bpd. The Organization of Petroleum Exp...

Source: philippinetimes.com
Related Topics:
Quezon CityPantawid PasadaDepartment Of EnergyOrganization Of Petroleum Exporting CountriesSecretary Alfonso CusiChannel WednesdayPetroleum Exporting CountriesBayanihan LawDoe Secretary Alfonso Cusi Manila Department Of Energy Said Prices Petroleum Products Are Expected To Further Increase Until Early Next Year With The Current Shortage In Oil Supply World Market An Interview Abs Cbn News Channel WednesdayUsi Attributed The Oil Price Hike For Past Eight Weeks Mainly To Developments In Global Market Supply Is Still Lacking Around 3 Million Barrels Per Day Bpd As Producers And Exporters Are Only Supplying 100 While Demand At 103 Millions Organization Of Petroleum Exporting Countries Its Allies Opec Sticking With Plan Increase Output By 400000 Bpd Until April 2022 Despite The Rising Demand As Many Countries Are Recovering From Impacts Of Pandemic Cusi Said Although Philippines Is Able To Get Needed Supply 435000 BpdIl Prices Still Depend On Trading In The World Market For Past Two MonthsOcal Prices Of Diesel Have Gone Up By Php8 65Asoline By Php7 20Nd Kerosene By Php8 05 But With All The Initiatives That Government Is Trying To DoHe Doe Chief Is Hoping That Price Hikes In The Local Market Will Be Tamed Subsidy Not Fare Hike As Public Utility Vehicle Puv Drivers Are Calling On Government Fora Amid Rising Fuel CostUsi Said He Is Personally Against This Proposal Quot We Doe Opposed The Fare Hike Let Us Finda Way Like Pantawid Pasada And All Other Subsidies That Can Provide For Public SectorUot He Said Taking Into Account That Dramatic Oil Price Hikes May Repeat In The FutureUsi Said The Doe Has Asked Lawmakers To Amend Oil Deregulation Law Quot Give More Authority In Cases Like This And Get Back Government 39s Participation TradingUot He Added The Energy Chief Said Legislative Policies Are Needed To Allow Doe Have More Authority Intervene When There Big Time Oil Price Hikes Fora Long Period Bayanihan Law Has Allowed Suspension Of Collection Excise Tax On Global Prices Breached Usd80 Level HoweverHis Legislation Has Already Expired Quot What We Would Like In The Law Is Authority To Suspend It Excise Tax Certain Abnormal ConditionsUot Cusi Said Quot Ina Situation Like ThisUr Hands Are Tied Quot If Excise Tax On Oil Will Be SuspendedN Estimated Php8 To Php10 Per Liter Will Be Reduced From Pump Prices