Tag: oil
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Iran is flirting with Saudi Arabia and OPEC + countries with an oil investment deal
Iran has become open to foreign investment, following the recent agreement between Riyadh and Tehran to resume their diplomatic relations, after a 7-year break. And the Iranian Ministry of Oil issued a statement – on March 19, 2023 – in which it said that it welcomed any offer of foreign investment in its projects in…
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Russian oil price ceiling survives revision in March
It seems that the ceiling of Russian oil prices will not witness any additional burdens that may be imposed by the countries allied against Moscow, which were scheduled to review the restrictions imposed this week. And Western officials announced today, Tuesday, March 21 (2023), that it is unlikely that the European Union and the Group…
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Crude oil prices are turning higher… and Brent is near $74 – (Update)
Crude oil prices turned up by more than 1%, at the end of trading today, Monday, March 20, 2023, after a volatile session, amid fears of a global economic recession. And raised risks in the global banking sector fears of a recession that could lead to a decline in demand for fuel and ahead of…
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Crude oil prices are down 2.5%, and Brent is $71
Crude oil prices fell more than 2.5%, during trading today, Monday, for the second consecutive session, amid fears of a global economic recession. And raised risks in the global banking sector fears of a recession that could lead to a decline in demand for fuel and ahead of a possible hike in interest rates by…
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Oil price losses continue.. Saudi Arabia and Algeria warn of market collapse
Oil prices continued their losses for the third day, recording their lowest level in more than a year, on the back of fears of a global economic collapse, in the wake of the bankruptcy of a number of US banks, led by Silicon Valley Bank. The uncertainty in the oil markets – amid US moves…
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Crude oil prices rise by more than 1% … and Brent is near $ 75 – (update)
Crude oil prices rose by more than 1%, at the end of today’s trading, Thursday, March 16 (2023), after 3 sessions of losses, as a result of which they fell to their lowest levels in 15 months. Oil markets calmed somewhat after Swiss regulators threw away a financial lifeline to Credit Suisse, but fears of…
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Crude oil prices recorded a weekly loss of 13%… and Brent is under $73 – (update)
Crude oil prices fell, at the end of trading today, Friday, March 17 (2023), with fears of an economic recession, to record strong weekly losses of about 13%. Crude prices rose in early trading, supported by Saudi Arabia and Russia’s assurances of their commitment to the OPEC + decision to reduce oil production by two…
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Crude oil prices rise for the second day, and Brent is above $75
Crude oil prices rose, during trading today, Friday, March 17 (2023), for the second session in a row, in an attempt to regain some gains after the losses they suffered at the beginning of the week. The rise was supported by Saudi Arabia and Russia’s assurances of their commitment to the OPEC + decision to…
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Suspicions about an oil deal in southern Sudan.. and British Glencore may be involved
Controversy arose about the parties involved in an oil deal in South Sudan recently, amid indirect accusations leveled at the British company Glencore, which was convicted of oil bribery in several countries, June last year (2022). The crisis began with the entry of the South Sudanese-based “Trinity Energy” company into a financing agreement with Afrexim…
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The second largest oil refinery in Iran plans to lead the production of propylene within 3 years
The second largest oil refinery in Iran is heading to break into the production of propylene, which is mainly used in the leading petrochemical industry in Tehran. The Isfahan Oil Refinery announced a restructuring and development plan towards becoming a holding company for the oil refining and petrochemical industry, according to the independent local Financial…
