Category: Petroleum News
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China’s oil imports jumped in March to their highest level in 33 months
China’s imports of crude oil jumped during March 2023 to their highest levels since mid-2020, driven by an increase in domestic demand and a recovery in the industrial sector. China’s imports of crude rose to 52.3 million tons, equivalent to 12.3 million barrels per day, during March 2023, according to Reuters. China’s oil imports in…
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In numbers… Financial disputes delay the UAE’s purchase of a national fuel company affiliated with the Egyptian army (private)
Egypt placed a national fuel company at the top of the list of government offerings that it recently revealed, but financial disputes with major investors delayed the settlement of the deal. Last February, Egypt announced a list of 32 companies that it intends to offer on the stock exchange, in a plan aimed at raising…
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An expected decrease in the exports of the Kuwaiti Al-Zour Refinery after the closure of one of the units
It seems that the exports of the Kuwaiti Al-Zour refinery will witness a decline during the coming period, despite expectations of an increase in supplies to Europe and Asia to compensate for Russian fuel. The crude distillation unit at the refinery of the state-owned Kuwait Petroleum Corporation was closed due to a technical problem, according…
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The Canadian oil sector is about to break free from the exploitation of US refineries
The Canadian oil sector is seeking to break free from the exploitation of US refineries by trying to open new markets for crude in Asia, with the support of Prime Minister Justin Trudeau. Canadian oil companies are awaiting the opening of the Trans Mountain oil pipeline expansion during the first quarter of 2024, to launch…
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Oil production in India is booming with investments of more than one billion dollars
India’s oil production is expected to boom in the near term, in a bid to reduce the country’s dependence on imports from other countries. In this context, the Indian Oil and Natural Gas Corporation (ONGC) is preparing to bet billions of dollars on deep-water and ultra-deepwater exploration. This comes at a time when New Delhi…
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Kazakhstan is suing major oil companies for more than $16 billion
Kazakhstan has chosen to resort to legal methods to extract what it sees as its legitimate material rights with a group of major oil companies, led by Eni, Shell and Total Energy, among many others. Kashagan and Karachaganak, two of the largest oil fields in the Central Asian country, are at the heart of the…
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The price of a barrel of Kuwaiti oil jumps 10%, supported by OPEC + cuts
The price of a barrel of Kuwaiti oil received support from the decisions taken by 9 OPEC+ countries to offer voluntary production cuts of 1.6 million barrels per day. Last week, OPEC countries decided to take precautionary measures to control oil markets by raising the total volume of coalition cuts to 3.66 million barrels per…
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Oil and gas revenues in the Sultanate of Oman recorded $4.3 billion at the end of February
Oil and gas revenues in the Sultanate of Oman increased during the first two months of this year, compared to the same period in 2022, supported by higher prices. The oil and gas sector supported the Sultanate of Oman’s budget by about 1.674 billion riyals ($4.34 billion) by the end of last February, according to…
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Russia’s budget records a deficit of $29 billion, with oil and gas revenues declining
During the first quarter of this year, Russia’s budget recorded a deficit of more than $29 billion, with oil and gas revenues declining. Data from the Ministry of Finance showed that Russia’s federal budget deficit, during the first quarter of 2023, amounted to about 2.4 trillion rubles ($29.52 billion). The data, seen by the specialized…
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Associate Director of"faw": The Safer oil tanker crisis will be resolved by the restoration of Saudi-Iranian relations
It seems that the Safer oil tanker crisis will witness a breakthrough after Saudi Arabia and Iran reached a meeting point and agreed to resume diplomatic relations. The Assistant Director-General of the Food and Agriculture Organization of the United Nations (FAO), Regional Representative for the Near East and North Africa, Dr. Abdul Hakim Al-Waer, expected…