Category: Petroleum News
-
Energy expert: Oil prices will continue in the range of 80 and 86 dollars for a long time
The sudden announcement of a number of OPEC+ countries to cut production led to a rise in oil prices by about 8%, as it jumped above $85, before witnessing a slight decline. Christoph Rohl, senior researcher at the Center for Global Energy Policy at Columbia University, said – in statements to the specialized energy platform…
-
Disappointing results for Exxon Mobil in Brazil after 6 years of exploration
The American company Exxon Mobil failed to find oil in Brazil, after nearly 6 years of search and exploration operations. And the giant American oil and gas company stopped the current drilling in the offshore region, which it began to seize with partners for $ 4 billion in 2017, after failing for the third time…
-
Türkiye’s imports of Russian diesel rose to their highest levels in 7 years
Turkey’s imports of Russian diesel jumped during March 2023, taking advantage of the cheap prices offered by Moscow in the wake of European sanctions. Flows exceeded 10 million barrels in March, nearly 50% more than in February, enough to meet the country’s demand for at least two weeks, according to information seen by the specialized…
-
BP is preparing to develop the third phase of the huge Clair field in the North Sea
British oil company BP is preparing to enter the third phase of development of the massive Clair oil field in the North Sea, with the tightening of carbon capture requirements for the project. The British company is looking forward to making a decision to develop the third phase of the project, which bears the name…
-
Nigerian oil exports are looking for buyers… 20 shipments suspended due to France’s strikes
Nigerian oil exports are still facing the repercussions of France’s two-month-old strikes against the regulation to raise the retirement age, without response from the French government. France’s strikes coincide with the seasonal maintenance season for refineries in most European countries, which contributed to increasing pressure on Nigeria’s oil exports, according to Bloomberg. Nigerian oil exports…
-
Stocks of international oil companies rise, supported by OPEC + cuts
Shares of major oil companies jumped during trading today, Monday, April 3, with the support of the voluntary production cuts announced by 9 OPEC+ countries, led by Saudi Arabia. The 9 countries announced voluntary cuts of more than 1.66 million barrels per day, starting next May, as a precautionary measure aimed at supporting the stability…
-
Duqm Refinery begins trial operation to increase oil refining capabilities in the Sultanate of Oman (photos)
The Sultanate of Oman has started the trial operation of the crude oil distillation unit at the Duqm Refinery, in preparation for the operation of all units of the refinery, which will increase the oil refining capacity by about 230,000 barrels before the end of this year. The design of the refinery depends on the…
-
Saudi Arabia and 7 OPEC + countries surprise the markets with an additional reduction in oil production
The Kingdom of Saudi Arabia and several countries in the OPEC + coalition announced an additional voluntary reduction in oil production – amounting to 1.649 million barrels per day – starting from next May until the end of 2023. Today, Sunday, April 2, 2023, an official source in the Saudi Ministry of Energy stated that…
-
A plan to increase fuel storage capacity in Vietnam with an investment of $11.5 billion
The weakness of Vietnam’s fuel storage system has led to a series of problems in the country’s fuel supply over the past year. This prompted officials to develop long-term plans to increase future storage capacities. Vietnam’s Ministry of Industry and Trade has prepared a plan to increase national fuel storage capacities with a required investment…
-
The second largest US refinery is authorized to import Venezuelan oil
US refineries are preparing to resume importing Venezuelan oil after many years of sanctions imposed on the government of Venezuelan President Nicolas Maduro. Valero Energy, America’s second-largest oil refiner, is seeking permission from the US Treasury Department to resume importing Venezuelan oil, according to Reuters. US refineries hope to obtain permission similar to what Chevron…