Confronted with annual production decline rates of 4-5%, OPEC Secretary General Haitham al Ghais called on the global oil industry to invest in new oil projects so as not to sow the seeds of future energy crises as oil is still at least a decade from peaking, OilPrice reports.

Venezuelan oil production bounces back.According to media reports, Venezuela’s crude output last month rose by more than 100,000 b/d last month and tallied 765,000 b/d, with the increase mostly driven by deliveries of Iranian condensate, a much-needed diluent. The recently appointed head of Libya’s National Oil Corporation said that the North African country’s production levels have reached 1.2 million b/d, doubling from the depressed output rates seen earlier this year, claiming that port blockades are a thing of the past. 

Oil prices climb despite growing recession concerns.Oil prices have been buoyed by a weaker dollar and rumors that China may be easing some of its Covid regulations, although the Fed’s increasingly hawkish tone is likely to add downward pressure to prices in the long term. Jerome Powell’s much-anticipated press conference last week has curbed the enthusiasm of those that expected a dovish turn from the Fed after he said the terminal rate could be higher than previously expected. A prospective recession in the US does not bode well for oil demand, even if it happens alongside a potential opening up of China after years of self-imposed restrictions. Oil prices were up on Friday morning, aided by a weakening dollar and more rumors of China easing its zero-Covid policy.

US drillers seek methane exemptions. US drillers’ associations have asked the Environmental Protection Agency to exclude smaller oil wells producing less than 6 barrels per day from the upcoming rules requiring oilmen to find and plug leaks of methane, citing a lack of funds and capacity to comply. Dutch court decision jeopardizes carbon capture.The Netherlands’ highest court ruled this week that Europe’s largest planned carbon capture and storage project in Rotterdam that could reduce the country’s CO2 emissions by 2% might be halted for not meeting EU environmental guidelines.