PPrices & Production:
OPEC+ Meeting on Horizon: The spotlight is on the upcoming OPEC+ meeting in June, where decisions on potential production cuts could impact global oil prices (https://www.rigzone.com/news/topic/commodity_prices/).
US Shale Slowdown: Despite record production in 2023, US shale drilling activity is decreasing, potentially impacting future supply (https://worldoil.com/).
India Cuts Windfall Tax: India reduced the windfall tax on oil producers, aiming to ease the burden on domestic refiners (https://m.economictimes.com/industry/energy/oil-gas).
Geopolitical & Business
China Adapting to EV Shift: Chinese oil giants are facing a changing market as the country embraces electric vehicles, prompting them to adapt their strategies (https://www.asiafinancial.com/energy/oil-gas/amp).
Exxon Staff Protest Climate Policy: ExxonMobil staff staged a protest demanding the company take stronger action on climate change (https://www.rigzone.com/news/wire/exxonmobil_takes_to_court_to_block_activists_agenda_from_ballot-22-jan-2024-175456-article/).
Brazil Production Up: Brazil’s state-owned oil company Petrobras reported a rise in oil production for the first quarter of 2024 (https://oilprice.com/).
Exploration & Discoveries
Mopane Discovery Boosts Galp Energia: Galp Energia, a Portuguese energy company, made a significant light oil discovery offshore Namibia, potentially boosting their future growth (https://worldoil.com/).
