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OPEC July output slumps to 5 year low

Nigeria reduces output. The latest survey by S&P Global Platts has revealed that the Organization of Petroleum Exporting Countries (OPEC) pumped its lowest barrels in more than five years this July. The turnout is reportedly aided by a production decline by Nigeria, a huge decline by the organization’s largest producer, Saudi Arabia,…

Chevron reports high production level

ExxonMobil beats analyst expectations with their second-quarter results U.S. oil major, Chevron, has reported an increase in production in the Permian Basin, which is at the heart of the US shale boom. Fellow oil major, Exxon posted an overall 7% rise from the year-ago period to 3.9 million barrels of oil equivalent a day with Chevron’s…

Iraq oil exports reach 3.566mln bpd in July

Iraqi oil minister has revealed in a statement that the country’s oil exports reached 3.566 million barrels per day (bpd) in July from 3.52 million bpd the previous month. From the southern Basra oilfields, exports reached 3.435 million bpd, up from 3.39 million bpd in June and Shipments from Iraq’s northern Kirkuk oilfields to the Turkish port…

Shell’s profit suffers 25% fall in Q2

Royal Dutch Shell has revealed it experienced a 25% drop in its profit during the second quarter of 2019, driven by lower gas prices and refining margins. The company achieved $3.59 billion in earnings attributable to shareholders and based on a current cost of supplies (CCS) and excluding identified items in the period between April and June,…

BP Q2 profits beat expectations

U.K. based energy company, BP, has announced its second-quarter profit for 2019. The company reported, on Tuesday, that the profit was better than it had expected. BP posted second-quarter underlying replacement cost profit, used as a proxy for net profit, of $2.8 billion, versus $2.5 billion expected in a Reuters poll. That compared with a…
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