Tag: oil
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The Energy Information Administration raises oil price forecasts in 2023
The US Energy Information Administration raised its forecast for oil prices in 2023, and also strengthened its estimates for US crude production. And the Short-Term Energy Outlook report for February 2023 – issued today, Tuesday (February 7) – showed that the average price of West Texas Intermediate crude oil may reach $ 77.84 per barrel…
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The price of a barrel of Kuwaiti oil confuses the new budget of the Petroleum Corporation
The budget of the Kuwait Petroleum Corporation may witness a change during the new fiscal year (2023-2024), after the decline in the price of a Kuwaiti oil barrel in the new budget. Sources said that the budget of the Kuwait Petroleum Corporation and its subsidiaries for the next fiscal year, which is scheduled to begin…
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Russian oil exports to India outperform Saudi Arabia and Iraq
India continues its record purchases of Russian oil, taking advantage of lower prices due to Western sanctions; In January 2023, it jumped to 1.27 million barrels per day, according to “Vortexa” shipping analytics. Today, Monday, February 6, 2023, the Financial Express newspaper stated that India’s appetite for Russian oil has reached unprecedented rates, and Russian…
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Will oil prices rise to $180?.. Omani Energy Minister answers (video)
Omani Energy Minister Salem Al-Awfi said that oil prices are difficult to determine accurately. Even the expectations of international financial institutions differ from month to month. Today, Monday, February 6, 2023, Al-Awfi said that the production of oil and condensate exceeds 1.1 million barrels per day, with the possibility of increasing production quickly without delay,…
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The closure of the largest oil refinery in Pakistan .. and the industry is on the verge of collapse
The largest oil refinery in Pakistan closed its doors for about a week. Due to the unavailability of crude oil, in light of threats of an imminent collapse of the industry. The Kenergico refinery, formerly known as Beco Petroleum, has been shut down and production will resume on February 10; In line with the schedule…
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The global price of a barrel of oil rises 1% and records monthly losses – (Update)
The price of a barrel of oil rose globally by more than 1% at the end of trading today, Tuesday, January 31, amid anticipation of the position of central banks regarding raising interest rates, but it recorded monthly losses. This comes with expectations of a recovery in demand from China and despite fears of further…
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India’s refineries buy Russian oil in Emirati dirhams instead of dollars
Indian refineries have started exchanging the UAE dirham for US dollars, to pay for most of the quantities of Russian oil purchased, depending on trading companies headquartered in Dubai, United Arab Emirates. Indian refiners and traders fear that they will not be able to continue settling trades in dollars, especially if the price of Russian…
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Russian oil derivatives are witnessing an agreement on the ceiling of their prices
The countries of the European Union, the Group of 7, and Australia agreed on the new price ceiling for Russian oil derivatives, which is scheduled to enter into force starting tomorrow, Sunday, February 5 (2023). And the countries, which met on Friday night, February 3, announced that they had reached an agreement on a new…
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The global price of a barrel of oil falls 3% and records strong weekly losses – (update)
The price of a barrel of oil fell globally by more than 3% at the end of trading today, Friday, February 3 (2023), after strong job data in the United States, to record weekly losses for the second time in a row. US jobs data, which came in better than expected, raised concerns that the…
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Russia is considering adopting Brent crude prices instead of Urals in accounting for oil companies
Russia is currently studying the adoption of Brent crude prices in the tax accounting of oil-producing companies, in an attempt to compensate for part of the losses incurred due to the European and American sanctions imposed on Russian oil. The Russian government is moving to adopt a new system in imposing taxes on oil producers…
