Tag: oil
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Oil revenues and aid from Saudi Arabia and the Gulf states support developing countries (article)
From the rise of oil revenues in the 1970s until now, the Gulf states have provided massive financial aid to countries in economic distress in the Middle East and North Africa region and beyond. The Arab Gulf countries have emerged in the past five decades as one of the largest donors in the world, and…
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Crude oil prices are rising… and Brent is near $86
Crude oil prices rose, during today’s trading, Thursday, February 16 (2023), amid hopes for an increase in demand. The rally comes after two days of decline; Hopes for a strong recovery in fuel demand in China, the largest oil consumer, compensated for the losses resulting from the strength of the dollar and the increase in…
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Crude oil prices fall in a volatile session after US inventories data – (Update)
Crude oil prices fell in a volatile session at the end of today, Wednesday, February 15 (2023), after the release of the US inventories report. And raised a much larger-than-expected rise in US oil inventories, and expectations of higher interest rates, concerns about the possibility of weak demand for fuel and economic recession. Crude oil…
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The Iranian Yadavaran field is close to a Chinese deal… 30 billion barrels of oil reserves
The Yadavaran field is preparing to revive the Iranian oil sector with more production, amid ongoing negotiations with the Chinese company Sinopec, the developer of the first phase of the project 15 years ago. The Iranian oil company entered into negotiations with its Chinese counterpart, Sinopec, to revive the agreement to develop the second phase…
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Launching a plan to develop the Libyan oil sector to increase production to two million barrels per day (video and photos)
The head of the Libyan Oil Corporation, Farhat bin Qadara, announced the start of developing the strategic plan for the oil and gas sector in the country. Today, Wednesday, the KPC, in cooperation with the American Kearney Company, launched the development of the strategic plan for the sector, which includes the KPC and its subsidiaries.…
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Crude oil prices are down 1.5%… and Brent is near $84
Crude oil prices fell for the second consecutive session today, Wednesday, February 15 (2023), amid fears of lower demand. A much larger-than-expected rise in US oil inventories and expectations of an interest rate hike raised concerns about the possibility of weaker fuel demand and an economic recession. Crude oil prices today By 07:28 a.m. GMT…
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Iraqi oil is expected to achieve a fiscal surplus of more than $24 billion in 2023
After setting the price of a barrel of Iraqi oil to be within the range of $65, the Oil, Gas and Natural Resources Committee in the Iraqi Parliament expected the country to achieve a surplus of more than $24 billion during the current year (2023). And the Oil and Gas Committee in the Iraqi Parliament…
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UAE Energy Minister: The oil market faces challenges in 2023..and this is the role of OPEC + (video)
The UAE Minister of Energy, Suhail Al Mazrouei, confirmed that the global oil market faces several challenges during the current year (2023), most notably the lack of investment. And he stressed, in press statements on the sidelines of the World Government Summit – hosted by the UAE – the need to pump new investments in…
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Oil prices are falling, supported by the announcement of the launch of the US Strategic Reserve
Oil prices fell globally, today, Tuesday, February 14 (2023), after the US government announced its intention to release more of its strategic reserve stock, as mandated by lawmakers. This announcement by the US government came to challenge the expectations of some traders, who excluded this launch from the strategic reserve, or at least the possibility…
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Crude oil prices are rising… and US crude exceeds $80 – (Update)
Crude oil prices turned upward, at the end of today’s trading, Monday, February 13 (2023), with fears of supply shortages and amid a decline in the US dollar. Crude prices fell in early trading as investors focused on short-term demand concerns stemming from crucial US inflation data and refinery maintenance in Asia and the United…
