Tag: oil
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A report lowers oil price expectations in 2023, despite Saudi Arabia’s decision
The US Energy Information Administration lowered its oil price forecast in 2023 slightly, and cut its estimates for crude production in the United States during the same year. The Short-Term Energy Outlook report for July 2023, issued today, Tuesday (July 11), predicted that the average price of West Texas Intermediate crude would reach $74.43 per…
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Dispute over Venezuelan oil piling up tankers at ports
A dispute over a Venezuelan oil coke contract has left tankers waiting to load cargo jammed and some customers have to look for alternative supplies. There are 8 other ships near the Venezuelan ports, waiting to load a combined 350,000 tons, according to what was seen by the specialized energy platform, quoting Reuters. This came…
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A plan to increase oil production in the Congo before reviewing the OPEC+ baselines
Oil production in the Congo is expected to increase significantly by next year (2024), before a review of baselines for OPEC+ countries in November, which may see an increase in quotas. It was agreed to cut the alliance’s total production by 1.4 million barrels per day in 2024, after hours of tense negotiations at the…
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OAPEC Secretary General: Arab contribution to oil supplies will jump to 38%
OAPEC Secretary General, Eng. Jamal Issa Al-Loughani, expected the Arab countries’ contribution to global oil supplies to rise to more than 38% by 2050. In a speech obtained by the specialized energy platform, he said that future projections indicate that most of the increase in the world’s energy needs for many decades to come will…
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23 oil and gas discoveries in Algeria within a year and a half
The year 2022 and the first half of this year 2023 witnessed the achievement of 23 oil and gas discoveries in Algeria, in achievements that shed light on the Algerian energy sector’s continuous activity in various fields. The disclosure of this information came during a press conference organized by the Algerian company Sonatrach on Monday,…
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Oil prices are rising due to the “voluntary cut.” Brent crude is above $78
Oil prices rose again at the beginning of trading today, Tuesday, July 11 (2023), to compensate for some of the losses they incurred during the end of yesterday’s trading, with traders focusing on reducing production by Saudi Arabia and Russia, in addition to the weakness of the dollar. The reduction in oil production by the…
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Oil prices are down by more than 1%.. Brent crude is under $78 – (Update)
Oil prices witnessed a decline of more than 1%, at the end of trading today, Monday, July 10, with fears of raising interest rates and amid anticipation of US and Chinese economic data this week. Expected cuts in crude oil supplies from Saudi Arabia and Russia helped limit losses. At the beginning of this month,…
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Oil prices are falling… and Brent crude is under $78
Oil prices witnessed a decline, at the beginning of Asian trading today, Monday, July 10, amid anticipation of US and Chinese economic data this week. Expected cuts in crude oil supplies from Saudi Arabia and Russia helped limit losses. At the beginning of this month, Saudi Arabia announced the extension of the additional reduction in…
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Kuwaiti Oil Minister: Iran’s right in Al-Durra field depends on border demarcation (video)
On Sunday, July 9, Kuwaiti Oil Minister Saad Al-Barrak affirmed the exclusive right of Kuwait and Saudi Arabia in the offshore Dorra field, and that Iran’s rights in the field depend on the demarcation of borders. Al-Barrak said that the declaration of the right of Saudi Arabia and Kuwait in the offshore field was based…
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President of BP Oman: We need a balance between energy sources.. These are my expectations for the share of oil and gas
The head of the British Oil Company in the Sultanate of Oman, BP Oman, Eng. Youssef Al-Ajili, pledged to continue providing global energy supplies in a safe and affordable manner despite the changes and the gradual abandonment of a number of companies from the fossil fuel industry. Al-Ajili expected that oil and gas would continue…
