all available information about oil wealth
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India abolishes exceptional taxes on oil as global prices fall
It seems that the recent decline in oil prices has prompted India to abandon the exceptional taxes imposed on crude producers, and has also made adjustments to taxes on some types of fuel. New Delhi had previously pledged to review the tax rate linked to fluctuations in oil prices in global markets, according to what…
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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…
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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…
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Crude oil prices rise for the fourth session, and Brent is above $85
Crude oil prices rose during trading today, Tuesday, April 4 (2023), to continue to reap gains for the fourth consecutive session, supported by OPEC + moves aimed at stabilizing the markets. And 9 of the countries of the OPEC + coalition, led by Saudi Arabia, decided to make voluntary production cuts of 1.66 million barrels…
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OAPEC Secretary General warns of new risks in the oil market
OAPEC Secretary General, Engineer Jamal Issa Al-Loughani, warned of new risks facing the global oil market, which is witnessing uncertainty after the re-introduction of the “No OPEC” bill. Today, Monday, April 3 (2023), the Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC) stated that some US senators are trying to put pressure on…
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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…
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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…
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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…
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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…
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Crude oil prices rise 2%… and record monthly and quarterly losses – (Update)
Crude oil prices rose by about 2%, at the end of trading today, Friday, March 31 (2023), with fears of supply shortages, but they recorded monthly and quarterly losses. The markets had started Asian trading on the decline with the return of fears of a global recession affecting demand. Baker Hughes data showed that the…