![]() ![]() OPEC+’s recent announcements of production cuts has helped support prices lately, evidenced by a gain between March 2023 and April 2023. This is in addition to the two million barrels per day production cuts announced by OPEC+ in November 2022, and Russia’s 0.5 million barrels per day cut that it previously announced would begin in March 2023. In April 2023, the Organization of the Petroleum Exporting Countries and partner countries (OPEC+) announced further production cuts of 1.2 million barrels per day by the end of 2023. During the last eight months, Brent crude oil has traded roughly between US$75 and US$90, but reached a 15-month low in mid-March, amid a brief banking panic due to the collapse of two financial institutions in the United States and one requiring a bailout in Switzerland. Earlier this year, Suncor was expecting production to resume this spring, but after recent delays, the company says it is continuing with maintenance and commissioning activities and is no longer providing an exact timetable for a resumption of oil production from the vessel.īrent crude oil prices declined to an average of US$85/barrel in April 2023, down 19.1% from US$105/barrel in April 2022. The Terra Nova FPSO (floating production, storage and offloading vessel) is currently docked at the Bull Arm fabrication site, undergoing further maintenance and commissioning activities. Production remained steady at Hebron but decreased at other operating oilfields in April 2023, compared to April 2022, due to mechanical issues. The corresponding value of production decreased by 23.7%, due to the decline in production combined with lower oil prices.
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