all available information about oil wealth
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Shell shocks climate activists and backs off plans to cut oil production until 2030
Shell, one of the world’s largest oil and gas companies, has abruptly and disappointingly backed down from plans to cut oil production, to the disappointment of emissions reduction plans and environmental and climate activists. And the Anglo-Dutch company announced that it is entering a state of review of its current plan to cut oil production…
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The closure of one of the largest oil fields in the North Sea due to exceptional taxes
Canada’s Canadian Natural Resources International has decided to shut down the Ninian field, one of the largest oil fields in the North Sea, given difficult market conditions, due to high natural gas production costs, unexpected taxes and lower UK business prospects. The company is working to “accelerate the abandonment” of its two remaining Ninian South…
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Crude oil prices are marginally declining… and Brent is below $85
Crude oil prices declined marginally during today’s trading, Friday, March 3 (2023), but are heading for weekly gains. The recovery of factory activity in China, the world’s largest oil importer, offset growing concerns about rising US crude inventories and the possibility of interest rate increases in Europe. Crude oil prices today By 07:35 a.m. GMT…
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Gasoline prices in Egypt… Details of the largest increase since fuel liberation
Gasoline prices in Egypt recorded their largest increase in terms of value since the liberalization of the fuel price more than 3 years ago. The new increase announced by the Petroleum Products Pricing Committee ranged between EGP 0.75 and EGP 1 for various types of gasoline, with the largest percentage being 92-gasoline, the most widely…
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Oil exploration in Namibia attracts the Australian Woodside
Oil exploration in Namibia has succeeded in attracting large numbers of major international energy companies, the latest of which is Woodside, which wants to expand its investment portfolios in this emerging and promising industry in the country located in southwest Africa. Windhoek has made rapid strides in recent years towards developing its oil industry, bolstered…
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Fuel prices in Morocco recorded a limited decline
Fuel prices in Morocco recorded a slight decline in most gas stations in the country, in conjunction with the decline in global oil prices last February. Despite the decline, gasoline and diesel prices in Morocco are still higher than their levels during the same period in March (2022), when oil prices reached record levels against…
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China ramps up purchases of Russian oil, fearing “cut” threats
China has intensified orders to buy Russian oil over the past weeks, amid fears that Moscow will cut production. In response to Western sanctions, which force it to make cuts that greatly harm its revenues. And Chinese refineries took advantage of the attractive discounts offered by Russia, and intensified purchases through import orders in large…
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Crude oil prices are declining… and Brent is near $84
Crude oil prices fell from the highest level in two weeks today, Thursday, March 3 (2023), after the rise in US inventories, which raises concerns about demand. The markets had traded higher, in an attempt to extend the gains from the previous two sessions, amid indications of a strong economic recovery in China, the world’s…
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Fuel prices in Sudan for the month of March 2023 are declining
Fuel prices in Sudan for the month of March 2023 are scheduled to witness a decline in the price of gasoline and diesel. Today, Wednesday, March 1, the Ministry of Energy and Oil announced the reduction of gasoline prices in Sudan by about 27 Sudanese pounds ($0.046) per liter, and diesel by 28 Sudanese pounds…
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South Korea plans to win the Al-Zour petrochemical complex project in Kuwait
South Korean companies are competing to implement the Al-Zour Petrochemical Complex project in Kuwait, whose investments are estimated at about $10 billion. In this context, the South Korean government sent a team to support its companies winning contracts to build the huge petrochemical complex in Kuwait, according to data seen by the specialized energy platform.…