all available information about oil wealth
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4 oil and gas discoveries in just 24 hours… and huge gas reserves
The past 24 hours witnessed the announcement of 4 oil and gas discoveries, by major international companies, in support of the growing demand for fossil fuels. Today, Thursday, February 9 (2023), the Norwegian company Equinor announced a new oil and gas discovery near the Troll field in the North Sea. It is the seventh in…
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Fuel demand in India fell 4.6% in January
Fuel demand in India decreased by 4.6% on a monthly basis in January (2023), to 18.7 million tons (132.77 million barrels). This decline came after it reached the highest level in 9 months during December 2022, affected by a decrease in mobility due to cold weather in parts of the country and a slowdown in…
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Sanctions on Iran extend to 9 new companies that manufacture and promote petrochemicals
The United States of America has tightened sanctions against Iran by listing the names of 9 Iranian, Singaporean and Malaysian companies involved in selling leading petrochemical products in Tehran. On Thursday, February 9, 2023, the US Treasury announced imposing sanctions on 6 petrochemical companies based in Iran. The sanctions also included the branches of the…
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Crude oil prices are rising… and Brent is above $85
Crude oil prices rose marginally, during today’s trading, Thursday, February 9 (2023), amid hopes for a recovery in demand. Optimism about a recovery in Chinese demand was offset by fears of weaker activity in the US, after inventories hit a 19-month high. Crude oil prices today By 07:29 a.m. GMT (10:29 a.m. Mecca time), the…
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Announcing the latest numbers of oil and gas reserves in Mauritania
A workshop organized by the Ministry of Petroleum, Mines and Energy in Nouakchott revealed the latest numbers of oil and gas reserves in Mauritania. The workshop aimed to present the results of the “promotion and communication” strategy that supports the development of oil and gas projects in Mauritania, according to data seen by the specialized…
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Azerbaijani oil exports raise uncertainty about when they will resume flowing from the port of Ceyhan
The devastating earthquake that shook Turkey continues to cast a shadow over Azerbaijani oil exports through the Turkish port of Ceyhan, which have not yet flowed since the earthquake. This comes at a time when the port of Ceyhan resumed receiving Iraqi oil exports, on Tuesday, February 7 (2023), after they were halted in the…
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ADNOC Distribution’s profits will rise to $750 million in 2022
ADNOC Distribution achieved strong business results during the past year (2022), supported by the high demand for fuel and its new projects. Today, Thursday, February 9, the Emirati company announced that it recorded strong profits during 2022; Its earnings before interest, tax, depreciation and amortization increased by 15% on an annual basis, recording 3.52 billion…
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Oil prices rise by more than 1.5%.. Brent crude is above $85 – (Update)
Oil prices rose by more than 1.5% for the third consecutive session at the end of trading today, Wednesday, February 8 (2023), with optimism about the demand for crude and the decline of the US dollar. This comes despite the rise in oil stocks in the United States for the seventh week in a row,…
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Oil prices are rising… and Brent crude is near $84
Oil prices rose marginally during trading today, Wednesday, February 8 (2023), amid limited movements in the price of the US dollar. This comes as investors await more data on US oil inventories to get more clues on demand trends. Oil prices today By 07:31 a.m. GMT (10:31 a.m. Mecca time), the price of benchmark Brent…
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Moscow responds to developments in the ceiling of Russian oil prices
Moscow described the “waivers” of the Russian oil price cap as tangible evidence of continued demand for Russian supplies. On Tuesday, February 7 (2023), the European Commission published an explanation of the decision to impose a price cap on Russian oil products, in which it specified the cases to which the price ceiling does not…