all available information about oil wealth
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Iranian Oil Export Figures and the Policy of Withholding Information in Tehran (Article)
Read in this article Only official statistics on the value of the country’s exports of oil and petroleum products have been published Tehran exports from 420 thousand to 450 thousand barrels of oil products per day Iran is in a state of battle.. Even selling one barrel of oil is not normal In the current…
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New bidding round for oil exploration in Nigeria
The oil sector in Nigeria is preparing to receive new investments during the current year (2023), after the competent authority announced the launch of a new round of bids for oil exploration in a number of offshore blocks. The Nigerian Petroleum Regulatory Authority announced that 7 offshore oil blocks will be offered to interested companies…
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4 Factors Affecting Oil Market Sentiment in the Short Term (Article)
Read in this article The economic slowdown and concerns about oil demand are back in play. Brent and West Texas Intermediate prices settled at their lowest levels in 7 weeks. America and Britain will join the European Union in banning shipping and maritime services. The market is still awaiting important details of the price ceiling…
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OPEC President calls for “caution” before adjusting oil production quotas
The head of the OPEC Conference, Gabriel Mbaga Obiang Lima, called for caution before making any change to the production quotas of the OPEC+ alliance. Obiang Lima – who chairs the 2023 OPEC conference – confirmed that it would be “wise” for the OPEC + alliance to wait until there is more clarity about the…
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The global price of a barrel of oil is turning up… and Brent crude is near $81 (update)
The global price of a barrel of oil turned upward during today’s trading, Wednesday, January 11 (2023), as fears of supply shortages overshadowed the state of economic uncertainty. Market participants were pulled in different directions by an unexpected increase in US oil and fuel inventories, global economic uncertainty and China’s reopening of its economy. The…
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Attempts to ban Russian oil did not raise global prices despite the European Union’s hardening (article)
Read in this article • EU discussions focused on a range of $65-70 per barrel as a maximum • Poland and the Baltic countries saw that the price of 65 dollars per barrel was very generous to Russia • The continued drop in Crude Oil prices last week was somewhat surprising • The OPEC+ alliance…
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The Energy Information Administration cuts oil price forecasts by 10% in 2023
The US Energy Information Administration cut oil price forecasts during the current year (2023) by more than 10%, while raising estimates of US crude production. According to the Short-Term Energy Outlook report for January 2023 – issued today, Tuesday, January 10 – it is likely that the average price of West Texas Intermediate crude oil…
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Exporting natural gas or petrochemical products… Which is a priority for Iran? (article)
Read in this article • Iran consumes most of the natural gas inside the country in the sectors of fuel, raw materials and injection • Iran exports 70% of the final products of the petrochemical industry and consumes 30% locally • The competition between methanol and LPG will depend on the price of oil in…
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Mexico’s Pemex offers a new solution to pay off $10 billion in debt
The Mexican oil company Pemex is seeking solutions to pay off its $105 billion financial debt, in an attempt to take advantage of high oil prices to make profits, after the government withdrew its support. The company is looking for funds to make approximately $10 billion in bond payments in the current year (2023), an…
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The global price of a barrel of oil rises for the third consecutive session – (Update)
The price of a barrel of oil rose globally by more than 1%, at the close of trading today, Monday, January 9 (2023), to continue its rise for the third consecutive session, amid hopes for a recovery in demand. This comes with the reopening of borders in China, the world’s largest importer of crude;…