all available information about oil wealth
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Emirates energy shares rise after achieving record business results in 2022
The Emirati energy stock rose during trading today, Tuesday, February 14, after announcing record business results during the past year (2023), with the support of the oil and gas sector and the increase in expansion of renewable energy projects. Abu Dhabi National Energy Company, one of the largest integrated utility companies listed in the financial…
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Oil prices are falling, supported by the announcement of the launch of the US Strategic Reserve
Oil prices fell globally, today, Tuesday, February 14 (2023), after the US government announced its intention to release more of its strategic reserve stock, as mandated by lawmakers. This announcement by the US government came to challenge the expectations of some traders, who excluded this launch from the strategic reserve, or at least the possibility…
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Crude oil prices are rising… and US crude exceeds $80 – (Update)
Crude oil prices turned upward, at the end of today’s trading, Monday, February 13 (2023), with fears of supply shortages and amid a decline in the US dollar. Crude prices fell in early trading as investors focused on short-term demand concerns stemming from crucial US inflation data and refinery maintenance in Asia and the United…
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Stocks of oil derivatives in Morocco are not enough for more than a month
Stocks of oil derivatives in Morocco are one of the most important issues that concern the government, in light of its dependence mainly on importing fuel from abroad. Despite the strenuous efforts to secure fuel for the local market, fuel stocks are facing severe shortages compared to the levels required by law. In this context,…
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Azerbaijani oil and gas exports noticeably increased in January
Azerbaijan’s oil and gas exports increased significantly last January, supported by increased demand in Europe. Many European countries are counting on Azerbaijan to meet part of their energy demand, to compensate for the lack of Russian supplies. The European Union signed agreements, during the past year (2022), aimed at increasing the supply of Azerbaijani oil…
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OQ Oman sells 20% of the shares of Abraaj Energy Services
OQ Oman announced the sale of 20% of the shares of Abraaj Energy Services Company, a subsidiary of the group, about a month before it was listed on the Muscat Stock Exchange. The giant Omani energy company signed the sale agreement with the Saudi Omani Investment Company, as part of efforts to attract foreign investments,…
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ADNOC Drilling profits rise 33% in 2022
The UAE’s ADNOC Drilling Company recorded the highest quarterly revenues during the fourth quarter of 2022, after adding new drilling rigs to the company’s fleet and starting operations. Today, Monday, February 13, the Emirati company announced its financial results for the fourth quarter and the year ending on December 31, 2022. ADNOC Drilling achieved an…
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Crude oil prices are down 1%.. and Brent is under $86
Crude oil prices fell about 1%, during today’s trading, Monday, February 13 (2023), amid fears of an economic recession. Investors focused on short-term demand concerns stemming from crucial US inflation data and refinery maintenance in Asia and the US. Crude oil prices today By 07:33 a.m. GMT (10:33 a.m. Mecca time), benchmark Brent crude futures…
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Saudi Aramco raises the selling price of oil to Asia in March
Saudi Aramco announced the official selling prices for shipments of Arab Light crude to its customers in Asia, Europe and the United States, during the month of March of this year (2023). The company decided to raise the official selling prices for Arab Light crude to Asia by 20 US cents to $2 per barrel,…
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The fuel crisis in Pakistan is flaring up…and the stations involved are pursued with deterrent measures
In an effort to control the fuel shortage crisis in Pakistan, the federal government has issued a package of new decisions that will tighten the state’s grip on manipulators of the country’s supplies of oil derivatives. The federal government directed the competent authorities and law enforcement officials in the country to arrest anyone who is…