London, 31 May 2024, (Oilandgaspress): -OPEC+ is trying to agree new oil production capacity for its member countries by the end of 2024, an issue that has created tensions in the past because each nation’s output target is calculated from its notional capacity. The Organization of the Petroleum Exporting Countries led by Saudi Arabia and allies led by Russia, known as OPEC+, is currently cutting output by a total of 5.86 million barrels per day, equal to about 5.7% of global demand. The cuts include 3.66 million bpd by OPEC+ members valid through to the end of 2024, and 2.2 million bpd of voluntary cuts by some members which expire at the end of June as reported by media outlet.
(Reuters) – The U.S. National Highway Traffic Safety Administration said on Friday it is seeking more information in its investigation into Amazon.com’s (AMZN.O), opens new tab self-driving Zoox vehicles due to unexpected braking that led to two rear-end collisions.
The agency, which opened its probe into the crashes this month, said it is seeking video of the crashes and documents from Zoox related to the vehicles.
NHTSA said it “is concerned that vehicles exhibiting unexpected rapid braking may increase the risk of crash,” and added the “risk is particularly acute to road users behind the Zoox vehicles who are unable to reasonably anticipate or react to the unexpected sudden braking.” Read More
(Reuters) – Tesla (TSLA.O), opens new tab is recalling 125,227 vehicles in the United States due to a malfunction in its seat belt warning system that can increase the risk of injury in a collision, the National Highway Traffic Safety Administration said on Friday.
The regulator said the vehicles failed to comply with the federal safety requirements as their seat belt warning light and audible chime may not get activated when the driver is unbelted. The recall affects certain 2012-2024 Model S, 2015-2024 Model X, 2017-2023 Model 3 and 2020-2023 Model Y vehicles. Read More
(Reuters) – Nissan Motor (7201.T), opens new tab paid former Chief Operating Officer Ashwani Gupta $3.7 million in compensation following his sudden departure last year, the Japanese automaker disclosed in a notice for its annual general meeting.
Nissan said in the notice it had paid 582 million yen ($3.7 million) to an executive officer who left his position during the 2023 business year. Gupta was the only executive officer to leave during that period, a company spokesperson confirmed. Read More
Saudi Arabia’s government on Thursday filed papers to sell a new stake in state oil giant Aramco that could raise as much as $13.1 billion, a landmark deal to help fund Crown Prince Mohammed bin Salman’s plan to diversify the economy. In the main part of the deal, Saudi Arabia could raise $12 billion by offering about 1.545 billion Aramco shares, equivalent to about 0.64% of the company, if it prices the sale at the top end of a 26.7 ($7.12) to 29 riyals range, according to Aramco’s filing on Riyadh’s Saudi Exchange.
The deal’s value could rise to $13.1 billion at the top end under a so-called greenshoe option which would allow the sale of nearly 1.7 billion shares, or a 0.7% stake. That option allows bankers to use shares to stabilize the price of the offering.
Investors have long anticipated the share sale as the energy giant has sought to widen its base while generating funds to turbocharge Saudi Arabia’s economic diversification programme. Read More
Saudi Aramco has awarded a new contract worth SAR 186 million ($49.6 million) to spiral pipe maker Group Five Pipe Saudi Co.
The deal includes the manufacture and supply of spiral-welded steel pipes, Group Five said in a disclosure on the Saudi Stock Exchange (Tadawul), where its shares trade. The materials are meant for one of the projects owned by Saudi Aramco, the firm said, without divulging further details.
The financial impact of the deal will be reflected starting from the second quarter of 2025. Read More
BMW has updated its big-selling 3-Series and has finally dumped diesel models for the UK. Meanwhile the PHEV has new bigger batteries which increase the official electric range to 63 miles – 22 miles more than the outgoing model. . Read More
The AA has become the first UK roadside assistance and recovery firm to introduce fully electric recovery trucks. The vehicles will join the firm’s 3000-strong fleet and are part of the AA’s “test and scale approach to fleet decarbonisation”, it said. The AA is testing alternative-fuelled vehicles in real-life settings.
The vehicles comprise a Volvo FE Boniface Slidebed, an Iveco eDaily 7.2T Dyson Powerload and an Iveco eDaily 7.2T Dyson Powerload. Read More
Baker Hughes Rig Count: : U.S. unchanged at 600 Canada +8 to 128
U.S. Rig Count is unchanged from last week at 600 with oil rigs down 1 to 496, gas rigs up 1 to 100 and miscellaneous rigs unchanged at 4.
Canada Rig Count is up 8 from last week to 128, with oil rigs up 10 to 74, and gas rigs down 2 to 54.
International Rig Count is up 7 rigs from last month to 978 with land rigs up 7 to 743, offshore rigs unchanged at 235
The Worldwide Rig Count for April was 1,726, down 67 from the 1,793 counted in March 2024, and down 82,from the 1,808 counted in April 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 31 May 2024 | 600 | 0 |
| Canada | 31 May 2024 | 128 | +8 |
| International | April 2024 | 978. | +7 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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