Tag: reveals
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A report reveals a decline in Russian oil production by 300,000 barrels per day
Participants in global markets seek to verify Moscow’s commitment to reducing Russian oil production to 9.5 million barrels per day, in the period from March 2023 until the end of the year, as part of a group of voluntary production cuts for several member states of the OPEC + alliance, with the aim of achieving…
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The Egyptian Minister of Petroleum reveals his country’s plans to stop importing diesel and gasoline
Egyptian Minister of Petroleum Tarek El-Molla revealed that his country has implemented an integrated plan to stop importing diesel fuel and gasoline, and to achieve self-sufficiency. He pointed out, during his inspection of projects to increase the production capacity of diesel and local manufacturing capabilities in Assiut Governorate, that the Egyptian oil sector is implementing…
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A new report reveals expectations for oil prices until 2024
Goldman Sachs cut oil price expectations, whether during the next 12 months, or until the end of 2024, despite the recovery in Chinese demand for crude in the wake of the recovery from the repercussions of the Corona pandemic. It seems that the increase in Chinese demand had less impact on the expectations of crude…
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A report reveals expectations for oil and mineral prices in 2023
There is no doubt that the recovery of the Chinese economy from the repercussions of the Corona epidemic will provide a strong impetus to global oil and mineral prices in 2023, after the turmoil left by the Russian invasion of Ukraine last year (2022). Research firm Wood Mackenzie believes – in a report issued Thursday,…
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A recent report reveals its expectations for oil prices after the collapse of Silicon Valley
The US banking crisis cast a shadow over oil prices, following the collapse of the Silicon Valley bank, during the past few days. And with the worsening situation and increasing fears of an economic recession, crude prices fell during trading today, Wednesday, March 15 (at 07:00 pm Mecca time), by about 6%, and the price…
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The Kremlin reveals the position of OPEC + on the decision to reduce Russian oil production
Today, Friday, February 10 (2023), Kremlin spokesman Dmitry Peskov revealed that Russia held consultations with several countries in the OPEC + coalition regarding the decision to reduce Russian oil production. This denies previous statements, issued today, Friday, February 10 (2023) – also – that Moscow decided to cut production without consulting with the coalition countries.…
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The Egyptian Minister of Petroleum reveals the results of border demarcation with Saudi Arabia
The Egyptian Minister of Petroleum, Tariq Al-Mulla, revealed the positive results that accrued to his country after the decision to demarcate the maritime borders with Saudi Arabia. He said that the demarcation of the border with Saudi Arabia enabled the Egyptian oil sector to operate in the pristine Red Sea region. In 2016, Egypt and…
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The UAE Minister of Energy reveals the reason for the fluctuations in the gas market (photos)
The UAE Minister of Energy, Suhail Al Mazrouei, confirmed that the conditions in the oil market are balanced on the supply and demand side. He said in press statements on the sidelines of the launch of the activities of the Sustainability Week in Abu Dhabi: “I think that the market is completely balanced, and this…
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China’s Sinooc reveals production and capital spending plans for 2023
The Chinese company Sinooc announced its strategy for 2023 on Wednesday, January 11 (2023), through which it aims to raise the goal of oil and gas production and capital spending, amid expectations that 9 new projects will start operating during the current year. The company said total capital expenditure for the current year will range…