Tag: oil
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Libyan oil aims to increase production by 8% by the end of 2023
The Libyan oil sector continues its efforts to increase production in order to support the country’s financial resources, in a way that supports the recovery of the national economy, which faces many challenges. Libya aims to increase oil production by about 8%, by next December, a level that would raise production to the highest level…
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Crude oil prices rise 1%, and Brent is near $77 a barrel
Crude oil prices rose about 1%, during today’s trading, Friday, May 19 (2023), in an attempt to get rid of the losses incurred in the previous session. This comes as investors are cautiously optimistic about the fading risk of a US debt default, while watching the fate of the talks being conducted by Congress. Crude…
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Crude oil prices are down by more than 1%… and Brent is below $76 a barrel – (Update)
Crude oil prices fell by more than 1%, at the end of trading today, Thursday, May 18 (2023), amid fears of an economic recession that might affect demand. This comes as traders cautiously await signs of progress in talks to raise the US debt ceiling, which pushed the oil market higher in the previous session…
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Officially.. Brazil prevents Petrobras from drilling for oil near Guyana
The Brazilian Environmental Protection Agency “Ibama” announced the rejection of the request of the state company Petrobras to explore for oil at the mouth of the Amazon River, near the coast of Guyana. This long-awaited decision comes after a technical recommendation from agency experts to reject the request, according to information seen by the specialized…
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The price of a barrel of Algerian oil is down 21% in 3 months
A recent report revealed that the price of a barrel of Algerian oil declined by about 21% during the first quarter of this year (2023), affected by fears of a global economic recession that may affect demand. A report by the Organization of Arab Petroleum Exporting Countries (OAPEC) on the global oil situation in the…
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Crude oil prices are falling… and Brent is below $77 a barrel
Crude oil prices declined marginally, during today’s trading, Thursday, May 18 (2023), amid fears of an economic recession that may affect demand. This comes as traders cautiously await signs of progress in talks to raise the US debt ceiling, which pushed the oil market higher in the previous session due to optimism about US demand…
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Crude oil prices rise 3%… Brent near $77 a barrel – (Update)
Crude oil prices turned up around 3%, at the end of trading today, Wednesday, May 17 (2023), with optimism about demand for crude and the possibility of reaching an agreement on the US debt ceiling. Crude prices fell during the session, after a sudden rise in US oil inventories, which raised concerns about demand in…
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Shell enhances offshore oil production with artificial intelligence technology
British Shell seeks to boost offshore oil production, as the largest producer of crude in the US Gulf of Mexico. Shell will use AI-based technology from Spark Cognition for big data analytics in its deep sea exploration and production operations. The two companies said that the new process could shorten the exploration period to less…
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India’s imports of Russian oil drop the share of the Middle East to the lowest level in 22 years
The increase in India’s imports of Russian oil prompted a reduction in the share of Middle East crudes to the lowest level in 22 years last April. India’s purchases of Russian oil rose to new records in April, as New Delhi seeks to take advantage of deep discounts offered by Moscow on its crude. In…
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Lowering oil price expectations to $95 at this date (report)
Swiss investment bank UBS has lowered its oil price forecasts from the second half of 2023 to the first quarter of next year (2024). The investment bank expected more withdrawals from the strategic oil reserves in light of the additional voluntary production cut announced by several OPEC+ countries, with increasing demand during the summer. The…
