Tag: oil
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Announcing two oil and gas discoveries in India
Two oil and gas discoveries were announced in India, which are currently being evaluated in detail, in preparation for announcing the size of their reserves. The two discoveries were made by the state-owned oil and natural gas company ONGC, following the development of the blocks granted through the open space licensing policy, and the utilization…
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Crude oil prices are falling… and Brent is below $75
Crude oil prices fell, during trading today, Friday, May 12 (2023), for the third session in a row, and are heading to record their fourth weekly losses. This comes with renewed economic concerns in the United States and China, which exceeded expectations of fuel demand growth in the two largest oil consuming countries in the…
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Crude oil prices fall by more than 2%… and Brent is below $75 – (update)
Crude oil prices fell by more than 2%, at the close of trading today, Thursday, May 11 (2023), with the rise of the US dollar, and amid fears of an economic recession. Crude prices rose during the session, supported by fuel demand data from the United States, the world’s largest oil consumer, which witnessed a…
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Crude oil prices are rising… and Brent is near $77 a barrel
Crude oil prices rose, during today’s trading, Thursday, May 11 (2023), in an attempt to compensate for the losses incurred in the previous session. This comes with the support of fuel demand data from the United States, the world’s largest oil consumer, which saw larger-than-expected withdrawals over the past week. Crude oil prices today By…
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Equinor aims to increase its production outside Norway to 400,000 barrels of oil equivalent per day
The Norwegian company Equinor is diversifying its portfolio of oil and gas projects outside Norway as part of plans to increase production by 2030. The global leader in the oil and gas sector has made the final decision to invest in a new $9 billion project in Brazil, after years of consideration and appreciation. The…
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Crude oil prices decline 1.5% after US inventories data – (Update)
Crude oil prices fell by more than 1.5% at the end of trading today, Wednesday, May 10 (2023), after 3 sessions of gains, with the release of US inventories data. As an unexpected rise in US oil inventories raised concerns about demand for crude, while investors evaluated US inflation data that showed a slowdown in…
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Oil and gas exploration in Somalia lures major international companies
Oil and gas exploration in Somalia has become the focus of international oil companies again, in light of the search for alternative supplies following the Russian war in Ukraine. The Russian invasion has sparked discussions about energy security in Africa, and major discoveries of oil and gas in Mozambique, Tanzania and Uganda have whetted investor…
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Agency: Iraqi oil exports will not exceed 3.3 million barrels per day in May
Iraqi oil exports in May 2023 are expected to remain close to last month’s levels, given the continued suspension of production in the Kurdistan Region of Iraq and exports via Turkey. Additional Iraqi oil export capacity from the southern export ports in the Persian Gulf is “limited,” a senior Iraqi oil official told S&P Global…
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Crude oil prices are declining… and Brent is at $77
Crude oil prices fell during today’s trading, Wednesday, May 10 (2023), after 3 sessions of gains. An unexpected rise in US oil inventories raised concerns about demand, and investors await US inflation data to gauge the next rate decision in the largest oil consuming country. Crude oil prices today By 07:07 AM GMT (10:07 AM…
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Energy Information Administration cuts oil price forecasts to below $80
The US Energy Information Administration cut its oil price forecasts for 2023 and 2024 by more than 7%, and cut its estimates for crude production in the United States. According to the Short-Term Energy Outlook report for May 2023, issued today, Tuesday, May 9, 2023, the average price of West Texas Intermediate crude oil is…