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.
Based on its 2017 data for G20 countries, Enerdata analyses the trends in the world energy markets.Download the publication
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The 600 MW first turbine of the 3,600 MW Rogun (also spelled Roghun) hydropower dam on the Vakhsh River in southern Tajikistan has started operations. The US$3.9bn project is being built gradually by the Italian company Salini Impregilo and the remaining turbines will come online between 2019 and 2026. Once built, it will enable Tajikistan to end domestic power shortages and to export electricity to Afghanistan and Pakistan.
The Iraqi government has resumed oil exports from the Kirkuk oil fields one year after the city was seized by federal forces from the autonomous Kurdish administration over dispute about oil payments, revenues and pipeline fees. An agreement has been reached with the Kurdish Regional Government (KRG) to export 50,000 bbl/d to 100,000 bbl/d through a pipeline running through the Kurdish territory to Turkey. The revenue from the renewed exports will be collected by the federal government of Iraq.
US-based project company Cheniere Energy has started to produce LNG at the first 4.5 Mt/year train of its US$15bn Corpus Christi liquefaction and export terminal project in Texas (United States) and the facility is on its way to ship its first-ever cargo. The 170,000 m3 floating storage and regasification unit (FSRU) Golar Tundra has arrived at the facility and will depart with the first shipment shortly.
Emirati state-run oil and gas company Abu Dhabi National Oil Company (ADNOC) has unveiled plans to invest AED5.1bn (US$1.4bn) to upgrade the operations of the Bu Hasa onshore oil field (United Arab Emirates) from 550,000 bbl/d up to 650,000 bbl/d by the end of 2020 as per its 2030 smart growth strategy.