all available information about oil wealth
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A new trick to export Russian oil and store it in an Arab country
Russian oil continues to lure many global markets with its cheap prices, prompting some to circumvent the sanctions imposed on Moscow following its invasion of Ukraine. In this context, it was noted the increasing demand for oil storage tanks in Singapore and the UAE, indicating that Russian oil is being blended and re-exported globally. Storage…
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Aramco announces for the first time the number of rigs in Saudi Arabia
The CEO of Saudi Aramco, Amin Al-Nasser, expressed his concern about the decrease in reserve capacity in the world in the medium and long term, revealing at the same time that the number of rigs in Saudi Arabia will reach 300 rigs by the end of this year (2023). He indicated – in an interview…
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The global price of a barrel of oil has declined… and Brent crude is near $84
The global price of a barrel of oil declined by about 1%, during today’s trading, Thursday, January 19, 2023, to continue bleeding losses for the second consecutive session. This comes after US data indicated a sudden jump in US crude stocks, along with fears of a recession, which were fueled by the disappointment of retail…
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10 companies compete to store liquefied petroleum gas in Kenya
Kenya’s new LPG storage terminal project is set to welcome 10 companies that have expressed interest in entering the market; This may enable the country to secure fuel supplies for homes in the medium and long term. The Kenyan company, Fossil Supplies Limited, announced that it has submitted an environmental impact report for the project…
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The global price of a barrel of oil has fallen… and Brent crude is below $85 – (Update)
The price of a barrel of oil declined globally at the end of trading today, Wednesday, January 18 (2023), after a volatile session, with concerns about slowing economic growth in the United States, following the release of economic data. Crude prices rose during the session, with optimism that lifting the strict restrictions imposed by China…
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Oil production in Syria awaits the return of a British company
The British Gulf Sands Company denounced the “illegal” production of oil in Syria from its fields subject to force majeure 6 years ago, stressing that it has a plan to return again to the country. The company owns a 50% stake in Block 26, as its interests go back to before the war in Syria,…
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Fuel prices in China are falling again in conjunction with the increase in exports of gasoline and diesel
Fuel prices in China have fallen again, amid fears of a decline in domestic demand with the increase in coronavirus cases. Yesterday, Tuesday, January 17, the National Development and Reform Commission announced that, starting from midnight last night, the prices of oil derivatives in China will decline in most cities, according to the data seen…
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The UAE’s ADNOC begins developing the world’s first well for carbon injection and sequestration in groundwater
The Emirati company, ADNOC, has begun implementing the first project of its kind in the world to inject and capture carbon dioxide (carbon dioxide) in groundwater brine. The project is part of Abu Dhabi National Oil Company’s $15 billion plan to reduce emissions from its operations, and supports its goal of reducing emissions intensity by…
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The global price of a barrel of oil has risen… and Brent crude is near $87
The price of a barrel of oil rose globally during trading today, Wednesday, January 18 (2023), to continue the gains for the second consecutive session. This comes with optimism that lifting the strict restrictions imposed by China on Corona will lead to a recovery in fuel demand in the world’s largest oil importer. The global…
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The global price of a barrel of oil has risen… and US crude exceeds $80 – (Update)
The price of a barrel of oil rose globally at the end of trading today, Tuesday, January 17 (2023), amid hopes for an increase in fuel demand, as US crude exceeded the $80 barrier for the first time in two weeks. Oil markets are facing volatile dealings, after China recorded its weakest annual economic growth…