all available information about oil wealth

  • Crude oil prices are declining… and Brent is near $83

    Crude oil prices are declining… and Brent is near $83

    Crude oil prices fell during trading today, Wednesday, March 8 (2023), for the second session in a row, amid fears of an economic recession that may affect demand. This comes at a time when industry data showed an unexpected drop in US crude oil inventories, after the market fell in the previous session, amid fears…

  • The Energy Information Administration cuts oil price forecasts in 2023

    The Energy Information Administration cuts oil price forecasts in 2023

    The US Energy Information Administration cut its oil price forecast in 2023, and cut estimates of US crude production. According to the Short-Term Energy Outlook report for March 2023 – issued today, Tuesday, March 7 – it is expected that the average price of West Texas Intermediate crude oil will record $ 77.10 per barrel…

  • Saudi Aramco signs a $6 billion deal with a Korean bank

    Saudi Aramco signs a $6 billion deal with a Korean bank

    Saudi Aramco signed an agreement with the Export-Import Bank of Korea, according to which the Korean bank will secure $6 billion to finance the projects of the Saudi oil giant. The Korea Export-Import Bank announced that the signing of the framework agreement with Aramco comes in a step that may help Korean companies win contracts…

  • Al-Zour refinery in Kuwait raises its capacity to 410,000 barrels per day

    Al-Zour refinery in Kuwait raises its capacity to 410,000 barrels per day

    Today, Tuesday, March 7 (2023), Kuwait started operating the second phase of the Al-Zour refinery, raising its production capacity to 410,000 barrels. The CEO of the Kuwait Integrated Petroleum Industries Company (KIPIC), Walid Al-Badr, said that the refinery is one of the most important strategic national projects for the State of Kuwait. Kuwait is counting…

  • Russian diesel is making its way to Saudi Arabia.. Will you re-export it?

    Russian diesel is making its way to Saudi Arabia.. Will you re-export it?

    Moscow tended to replace the Middle East region with European destinations in an attempt to search for new customers for oil derivatives, especially Russian diesel, after the embargo entered into force on February 5 (2023). It appears that the Kingdom of Saudi Arabia is on its way to receive shipments of diesel from Russia, and…

  • The Egyptian Minister of Petroleum discusses oil and gas developments with industry leaders (photos)

    The Egyptian Minister of Petroleum discusses oil and gas developments with industry leaders (photos)

    On the sidelines of his participation in CERA Week 2023, held in the American city of Houston, the Egyptian Minister of Petroleum, Eng. Tarek El-Molla, met with a number of senior US officials and heads of international companies working in the field of oil and gas. Al-Mulla held discussions throughout Monday, March 6 (2023), which…

  • Crude oil prices are rising… and “Brent” exceeds $86 a barrel

    Crude oil prices are rising… and “Brent” exceeds $86 a barrel

    Crude oil prices rose today, Tuesday, March 7 (2023), with oil industry leaders announcing their concerns about a limited surplus in global markets, and uncertainty about Russian supplies, despite the recovery in demand in China. And global crude prices began a slow rise at the end of yesterday’s sessions, Monday, after volatile sessions that witnessed…

  • Crude oil prices rise 1%.. Brent is above $86 – (Update)

    Crude oil prices rise 1%.. Brent is above $86 – (Update)

    Crude oil prices rose by about 1%, at the close of trading today, Monday, March 6 (2023), to surpass Brent crude at $86 per barrel, after a volatile session. Crude prices fell during trading, amid fears of a decline in demand, after China set a lower-than-expected target for economic growth this year at 5%, while…

  • ExxonMobil renews its desire to sell its Nigerian assets with presidential changes

    ExxonMobil renews its desire to sell its Nigerian assets with presidential changes

    The American ExxonMobil Corporation has renewed its ambition to sell its assets in shallow Nigerian waters, after the results of the presidential elections – a few days ago – resulted in Paula Tinubu winning power, succeeding outgoing President Muhammadu Buhari, who had previously retracted his approval of the sale. And it seems that the practices…

  • Russian refiners will not reduce their production despite the ban on diesel exports

    Russian refiners will not reduce their production despite the ban on diesel exports

    Russian refining companies have fallen into a huge crisis, after Russian diesel has been included in the European ban list since February 5, 2023, as part of the tightening of sanctions imposed on Moscow. Although observers expect Moscow to resort to the option of reducing production in response to the sanctions, Russian companies will not…