Talos Energy, Delayed OPEC+ Production Hike: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

PRODUCTION
Talos Strikes Oil in Gulf of Mexico - Talos Energy Incorporated (NYSE:TALO) (Houston, Texas) said on Thursday it had discovered commercial quantities of oil and natural gas in a subsea well in the Gulf of Mexico. The company said the Ewing Bank 953 well's preliminary data indicated an estimated 15 million to 25 million barrels of oil equivalent (boe) in resources and an initial gross production rate of 8,000-10,000 boe per day. (Reuters)

OPEC+ Agrees to Delay Planned Output Hike - OPEC+, which is made up of the Organization of Petroleum Exporting Countries and allies led by Russia, has agreed to delay a planned oil output increase for October and November, the producers group said on Thursday, after crude oil prices hit their lowest in nine months, adding that it could further pause or reverse the hikes if needed. "The eight participating countries have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until the end of November 2024," OPEC said. (Reuters)

TERMINALS
U.S. Crude Oil Stockpiles Sink to Lowest in a Year - U.S. crude oil inventories fell to their lowest since September 2023 as imports dropped, while gasoline stockpiles rose with the end of the summer driving season, the U.S. Energy Information Administration (EIA) said on Thursday. Crude oil inventories, excluding the Strategic Petroleum Reserve, fell by 6.9 million barrels to 418.3 million barrels in the week ending August 30, the EIA said. Gasoline stocks rose by 800,000 barrels in the week to 219.2 million barrels. Distillate stockpiles fell by 400,000 barrels in the week to 122.7 million barrels, the EIA said. (Reuters)

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About Industrial Info
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