* U.S. Gulf Offshore Crude Oil Production Continues Recovery; 44% Shut: Regulator*
US Guld coast oil production continued to increase as more platforms began to reopen, four days after the forced shut of 91% of total crude output. This figure now stands as around 44% of crude output shut, or 805,965 barrels per day still offline but this will fall as more oil producers begin to process of reopening output. (Reuters)
*Nigeria Sets New Target to Raise Oil Reserves To 40 Billion Barrels*
The country’s oil industry regulator is now aiming to increase oil reserves, including condensates substantially to 40 billion barrels by 2025. This will be achieved by increases in upstream explorations and the handing out of small marginal field to investors, in addition to the planned reform of the oil sector that would stimulate investment. (S&P Global Platts)
*Indian Oil Demand May Normalize in The Next Few Quarters*
The Minister of Petroleum & Natural Gas and Minister of Steel Dharmendra Pradhan said that the country was moving in the right direction when it came to a recovery from the pandemic but it is still a long way from reaching pre-pandemic levels, with other energy projects facing delays. Although lockdowns are easing, oil demand is still faltering due to a heavy monsoon and increasing coronavirus infections. (S&P Global Platts)
*Global CO2 Emissions Show Biggest Ever Drop in First Half Of 2020*
Coronavirus induced lockdowns have mean that carbon dioxide emissions have fallen in the biggest drop recorded, by 8.8% in the first half of this year. According to various studies, emissions fell by 1,551 million tonnes in comparison with the same period of last year. (Reuters)