Saudi Arabia cut its crude oil production in 2017, under the OPEC agreement.
The 30 November 2016 agreement between OPEC countries and some large non-OPEC producers to cut oil production to firm up global prices translated into significant production cuts for Saudi Arabia, Kuwait, the UAE or Algeria, and to a stable production in Russia. The agreement succeeded in raising global oil prices, which incited non-OPEC countries such as the United States, Canada or Kazakhstan and OPEC countries exempted from cuts such as Iran or Nigeria to raise production. The Iranian oil production rose by 1/3 between 2015 and 2017, thanks to the end of international sanctions.
Conversely, crude oil production declined again in China to its lowest level since 2009, as low prices in 2016 prompted producers to cut investment in oil fields.
Oil production in Latin America contracted for the third year in a row, due to falling production in some large producing countries – oil output reached its lowest level since 1980 in Mexico and since 1990 in Venezuela – but it continued to increase in Brazil.
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South African miner Exxaro Resources is looking forward to supply coal to state-run power utility Eskom, which is facing critical supply shortages and currently has fewer than 20 days of coal supply at 10 of its power plants in South Africa’s Mpumalanga province. The group suffers from significant financial difficulties and only focuses on supporting its coal-fired plants.
Japanese gas utility Tokyo Gas intends to diversify its LNG procurement portfolio, but will not seek to raise its LNG purchases from the United States. The group recently began to receive LNG volumes from Dominion Energy’s Cove Point liquefaction terminal (Maryland, US) and has also signed agreements to purchase fuel from the Cameron LNG project (Louisiana, US). However, Tokyo Gas will rather seek to have the most diversified LNG supply portfolio as possible.
Pakistan state-run hydropower company Water and Power Development Authority (WAPDA) has synchronized the third and last unit of the 1,410 MW Tarbela-4 extension hydropower project with the domestic power grid. The project is located on the Indus river in the Khyber Pakhtunkhwa region (Pakistan) and entails three turbine-generator units with a capacity of 470 MW each. With the completion of the project, the total capacity of the Tarbela power plant will increase from the current 3,478 MW to 4,888 MW.
The governments of Ghana and Burkina Faso have inaugurated the 225 kV interconnection line, a 188-km long line spreading from Bolgatanga (Ghana) to Ouagadougou (Burkina Faso). The 100 MW line paves the way for exporting of power from Ghana to Burkina Faso.