all available information about oil wealth
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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…
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A plan to increase fuel storage capacity in Vietnam with an investment of $11.5 billion
The weakness of Vietnam’s fuel storage system has led to a series of problems in the country’s fuel supply over the past year. This prompted officials to develop long-term plans to increase future storage capacities. Vietnam’s Ministry of Industry and Trade has prepared a plan to increase national fuel storage capacities with a required investment…
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The second largest US refinery is authorized to import Venezuelan oil
US refineries are preparing to resume importing Venezuelan oil after many years of sanctions imposed on the government of Venezuelan President Nicolas Maduro. Valero Energy, America’s second-largest oil refiner, is seeking permission from the US Treasury Department to resume importing Venezuelan oil, according to Reuters. US refineries hope to obtain permission similar to what Chevron…
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Fuel prices in Qatar for the month of April 2023…gasoline declined and diesel remained stable
It is scheduled that fuel prices in Qatar for the month of April 2023 will witness a decline in the price of premium gasoline, after its stability during this March. Today, Friday, March 31, the Qatar Energy Company announced the new gasoline and diesel prices in the country, which are scheduled to start tomorrow, Saturday,…
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Gasoline prices in Jordan for the month of April 2023 recorded the first decline in 3 months
Gasoline prices in Jordan for the month of April 2023 are scheduled to witness the first decline in 3 months, after stabilizing during this March, following their rise in February. The decline in fuel prices in Jordan next month coincides with the decline in average prices of crude oil and derivatives during this March, compared…
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Fuel prices in the UAE for the month of April 2023 are declining again
Fuel prices in the UAE are set to decline for the month of April 2023, after rising for two consecutive months. Today, Friday, March 31, the prices of gasoline and diesel in the UAE for the month of April 2023 were announced, a decision that citizens and residents usually await on the last day of…
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Crude oil prices rise 2%… and Brent is above $79 – (Update)
Crude oil prices rose by about 2%, at the end of today’s trading, Thursday, March 30, 2023, to record the highest level in more than two weeks. This comes as investors closely await developments in Iraqi Kurdistan’s oil exports, at a time when a sudden drop in US oil inventories compensated for a less-than-expected drop…
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A shocking surprise about the British oil fields in the North Sea
Once again, the controversy over the British oil fields in the North Sea, which is awaiting a new licensing round for oil and gas exploration after it stopped in 2020, is back. Offshore Energy UK, which represents Britain’s offshore oil and gas industry, revealed a shocking revelation about 10 British oil fields in the North…