all available information about oil wealth
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Crude oil prices rise by more than 1% … and Brent is near $ 83 – (update)
Crude oil prices rose by more than 1%, at the end of trading today, Monday, April 24 (2023), with the decline in the US dollar and optimism about demand in China. This comes amid expectations of a decline in global fuel demand, which outweighed support from the possibility of supply cuts due to OPEC+ supply…
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The price of Iranian oil to Asia rises in May, following in the footsteps of Saudi Arabia
Next May, the price of a barrel of Iranian oil destined for Asia will increase by about $0.3 compared to the current month of April, with the same value by which Saudi Aramco increased its shipments during the next month. And the National Iranian Oil Company announced the official selling prices for shipments for the…
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OPEC’s share of India’s oil imports falls to its lowest level in 22 years
India’s oil imports, during the fiscal year ending in March (2023), witnessed a significant increase in Russian oil flows, at the expense of the oil of OPEC countries. India hastened to seize the largest number of cheap Russian shipments over the past period, with Moscow turning towards Asian markets after Western countries imposed sanctions on…
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Crude oil prices fell by more than 2%, recording the lowest level in 3 weeks – (Update)
Crude oil prices fell by more than 2%, at the end of trading today, Thursday, April 20 (2023), to continue losses for the second day in a row, recording their lowest levels in 3 weeks. This comes amid expectations of an interest rate hike after recent economic data from the US and China failed to…
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Crude oil prices are rising…and recording strong weekly losses – (Update)
Crude oil prices rose, at the end of trading today, Friday, April 21 (2023), in an attempt to reduce the losses incurred during the previous two sessions. Despite this, the oil markets recorded strong weekly losses, with increasing uncertainty about the economy and interest rates, as the increase in US gasoline stocks raised concerns about…
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Saudi Aramco exports its first low-emissions ammonia shipment to Japan
Saudi Aramco succeeded in exporting the first certified low-emission ammonia shipment for electricity generation to Japan, in cooperation with FOC, SABIC Agro-Nutrients, MOL and GOE. The first shipment of low-emission ammonia from Saudi Arabia supports Japan’s ambition to decarbonize sectors whose emissions have been difficult to reduce. Aramco said in a statement today, Thursday, April…
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Crude oil prices are down 2%.. and Brent is under $82
Crude oil prices fell about 2%, during trading today, Thursday, April 20 (2023), to continue the losses for the second day in a row, recording their lowest levels since the OPEC + announcement to cut production. This comes as the US dollar rose, amid expectations of an interest rate hike, after recent economic data from…
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Chinese fuel exports decreased for the second time in 2023
Chinese fuel exports in the second batch of 2023 are expected to decline by up to 12 million tons (85.2 million barrels), as domestic demand continues to improve. A survey of 4 government refining sources and 3 consulting firms showed that the second batch of export quotas for gasoline, red diesel and jet fuel could…
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Russian oil finds its purpose in Saudi Arabia and the UAE.. What is America’s position?
Russian oil shipments had to change course, after harsh Western sanctions that followed the war on Ukraine in February 2022. Although the West aimed, behind these restrictions, to dry up the sources of funding for the Russian war led by Vladimir Putin, Moscow succeeded – unexpectedly – in making the most of the new situation,…
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Egyptian Minister of Petroleum: Oil prices are an incentive to drill more wells and increase production
Egyptian Minister of Petroleum, Tarek El-Molla, confirmed that the current rise in oil prices and their stability above $80 per barrel is an incentive to continue exploration and increase production. Al-Mulla stressed the importance of the meetings that take place to discuss the development and increase of the current production rates of crude oil, and…