all available information about oil wealth
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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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Crude oil prices are turning downward… and Brent is near $84 (update)
Crude oil prices turned lower today, Tuesday, April 11 (2023), to continue recording losses for the second consecutive session, amid fears of declining demand. This comes after Chinese inflation data indicated continued weak demand, but the decline in the dollar and expectations that the Federal Reserve will stop tightening its policy limited oil’s losses. Crude…
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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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Crude oil prices fall by more than 1%.. and Brent is under $85 – (Update)
Crude oil prices fell by more than 1%, at the end of trading today, Monday, April 10 (2023), with the rise of the US dollar and fears of increasing interest rates in the United States, following the monthly jobs report. Crude prices rose in early trading, as investors assessed the possibility of tightening supplies after…
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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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Crude oil prices are marginally higher.. and Brent is above $85
Crude oil prices rose marginally, during today’s trading, Monday, April 10 (2023), with investors assessing the possibility of tightening supplies after 9 OPEC + countries, led by Saudi Arabia, announced production cuts. Concerns about weak global growth, which could dampen fuel demand, limited the oil market’s gains, amid anticipation of US inflation data. OPEC +…
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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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The diesel shortage crisis in Iran…causes and solutions (article)
Read in this article In recent years, the country’s domestic demand for diesel has grown rapidly Liquefied petroleum gas, fuel oil and gasoline accounted for about 74% of the total exports of petroleum products Over the past 5 years, Iran has exported gasoline and diesel, earning about $3 billion annually. The country’s crude oil production…
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Crude oil prices rise by more than 6%… and Brent is near $85 – (update)
Crude oil prices jumped more than 6%, at the end of trading today, Monday, April 3, 2023, after countries from OPEC + announced voluntary cuts. And 9 OPEC + countries, led by Saudi Arabia and Russia, announced voluntary cuts of more than 1.65 million barrels per day, starting next May, as a precautionary measure aimed…
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Saudi Aramco may raise oil selling prices to Asia in May (Survey)
Saudi Aramco intends to raise the official selling prices for Arab crude destined for Asia, during next May, after the decision of several OPEC + countries to voluntarily cut production. A Reuters survey, seen by the specialized energy platform, indicated that the new increase comes amid expectations of an increase in Chinese demand in the…