Egypt Announces New Oil Discovery in the Western Desert
الأربعاء ٢٨ أغسطس ٢٠٢٤
Khalda Petroleum Company, acting on behalf of U.S. company Apache and the Egyptian General Petroleum Corporation
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Egypt Announces New Oil Discovery in the Western Desert
Khalda Petroleum Company, acting on behalf of U.S. company Apache and the Egyptian General Petroleum Corporation
Qatar and TotalEnergies to Develop Namibia’s First Offshore Oil Project
Namibia’s Finance Minister, Iipumbu Shiimi, announced that Qatar and TotalEnergies are likely to agree on developing the first offshore oil project
Oil Prices Rise Again amid Production Concerns
Oil prices rebounded on Wednesday after a sharp decline in the previous session halted a three-day winning streak
Egypt’s Natural Gas Production Drops by 35%
Egypt’s natural gas production has decreased by nearly 35%, equivalent to 1.8 billion cubic feet per day
Increasing Oil Field Shutdowns in Libya Amid Political Disputes
Libya saw an increase in oil field shutdowns on Wednesday as production from the Sarir oil field neared a complete halt
Tunisia’s Water Reserves Drop by 23.2%, Calls for State of Emergency
The Tunisian Water Observatory has called for a state of emergency to be declared, as the country’s dam reserves have dropped
Russia Warns Europeans of Rising Gas Prices
On Wednesday, Russia warned European consumers that they would face higher gas prices if an agreement to transport Russian gas through Ukraine
ExxonMobil Predicts Oil Demand to Remain Above 100 Million Barrels per Day
ExxonMobil expects global oil demand to remain above 100 million barrels per day until 2050, driven by growth in industrial uses
Oil Prices Decline amid Rising Tensions in the Middle East and Libyan Oil Field Closures
Oil prices fell in Asian trading on Tuesday after rising more than 7% over the previous three sessions
Kuwait Saves $7 Billion by Using Gas Instead of Diesel for Power Plants
Sheikh Khaled Al-Sabah, Managing Director of Global Marketing at Kuwait Petroleum Corporation
Egypt Explores Gas and Oil in 12 Areas in the Mediterranean and Nile Delta
The Egyptian Natural Gas Holding Company (EGAS) plans to launch a new international bid for 2024
Libya Halts Production at Two Oil Fields After Declaring Force Majeure
Production at two oil fields in Libya has been halted, with a third field reducing its output.
Oil Prices Maintain Gains Supported by Middle East Escalation Fears
Oil prices maintained their gains on Monday due to concerns that an escalation in the Middle East could disrupt regional oil supplies
Russia’s Fuel Oil Exports Rose to 1.1 Million Barrels per Day
Russia’s fuel oil exports increased in August following the completion of maintenance work at some oil refineries
Qatar and Kuwait Plan to Sign a Long-Term Gas Sale and Purchase Agreement
Qatar Energy and Kuwait Petroleum Corporation are preparing to sign a long-term liquefied natural gas (LNG) sale and purchase agreement
European Gas Reserves Exceed 100 Billion Cubic Meters
New data revealed that gas reserves in European underground storage facilities have surpassed 91%, or 100 billion cubic meters
Oil Prices Continue to Rise amid Renewed Attacks in the Red Sea
Oil prices continued to rise amid renewed attacks on oil tankers in the Red Sea. The futures for U.S. crude, West Texas Intermediate
Israel Expands Gas Exports to Egypt with a New Pipeline
Israel plans to expand its natural gas exports to Egypt by constructing a new Israeli gas pipeline that will be about 65 kilometers long
Russia Uses Sanctioned Ships to Export Its Oil Products
Data from the London Stock Exchange Group and market sources have revealed that Russia has begun using ships
Russia Transports 42.4 Million Cubic Meters of Gas to Europe via Ukraine
Russian gas producer Gazprom transported 42.4 million cubic meters of gas to Europe via Ukraine on Saturday
America Buys 2.5 Million Barrels of Oil to Refill Strategic Reserve
The United States has purchased approximately 2.5 million barrels of oil to help refill the Strategic Petroleum Reserve
Rare Earth Metals Market Concerned over China’s Export Controls
Industry leaders in the rare earth metals sector are increasingly concerned about recent export controls imposed by China
U.S. Crude Oil Inventories Fell by 4.6 Million Barrels
U.S. crude oil, gasoline, and distillate inventories experienced significant declines in the week ending August 16, according to the Energy Information Administration (EIA)
Oil Prices Fell for the Fifth Consecutive Session amid Demand Concerns
Oil prices continued to decline for the fifth straight session on Thursday, pressured by growing concerns over global demand,
Fuel Costs for Egypt’s Power Stations Reach EGP 32 Billion in Two Months
Egypt’s Ministry of Petroleum and Mineral Resources successfully supplied power stations across the country with shipments of natural gas
Iraq Assigns the Taskof Developing Kirkuk Oil and Gas Fields to “B.B.”
The Iraqi Oil Ministry said it had an agreement with BP. The development of oil and gas fields in Kirkuk will be based on a profit-sharing model
Russia Is the Leading Suppliers of Oil, Gas, and Nuclear Energy to China
Russian Prime Minister Mikhail Mishustin said that the Russian-Chinese energy partnership is flourishing and that Russia is a leading supplier of oil, gas, and other energy carriers
Qatar Provides Kuwait with Gas for 15 Years to Meet Its Growing Energy Demand
Qatar Energy is in talks with the Kuwait Petroleum Corporation (KPC) to provide it with new long-term supplies of liquefied natural gas (LNG)
The 11th Shipment of Liquefied Gas Arrives in Egypt
Egypt has received the eleventh shipment of liquefied gas that arrived at the port of Ain Sokhna to provide its gas needs for domestic consumption
Brent Crude Oil Prices Will Fall to 68 Dollars by 2025
A recent report predicted that Brent crude prices will fall to 68 dollars per barrel by late 2025 if China’s demand for oil
Oil Prices Decline amid Optimism over Middle East Supply Stability
Oil prices dropped on Tuesday after Israel accepted a proposal that reduces disputes hindering a ceasefire agreement in Gaza, helping to ease concerns
The Saudi National Shipping Company "Bahri" signed a purchase agreement on Tuesday with Capital Maritime & Trading Corporation to acquire
Saudi Crude Oil Exports Drop to 6.047 Million Barrels Per Day
Data from the Joint Organizations Data Initiative (JODI) revealed on Tuesday that Saudi Arabia’s crude oil exports dropped to 6.047 million barrels per day in June
Russia Builds Modern Tankers for Oil Product Transportation
Russia and Azerbaijan have started building modern oil tankers at the Baku Shipyard, which will significantly increase the supply of oil
Oil Prices Decline Amid Expectations of Weak Chinese Demand
Oil prices fell in early Asian trading on Monday as market sentiment was affected by concerns over weak demand in China
Algeria Supplies Lebanon with Fuel to Run Power Plants
The Algerian government has decided to immediately supply Lebanon with fuel to operate power plants and restore electricity across the country
Ukraine Faces Power Outages Due to Generation Shortage and Hot Weather
Ukraine resumed power outages for some customers on Monday due to a generation shortage caused by Russian attacks on the grid and increased
Ship Fuel Sales in Fujairah Port Hit Their Highest Level
Recent data revealed that ship fuel sales at the UAE’s Fujairah port rose to a three-month high in July. According to the Fujairah Oil Industry Zone (FOIZ)
Electricity Restored in Kuwait After Fuel Supply Issue Fixed
Kuwait’s Ministry of Electricity, Water, and Renewable Energy has restored power to all areas where it was cut off to maintain the stability of the country’s electrical grid
Algeria Signs a Contract with China to Increase Production at the Alrar Gas Field
The Algerian Sonatrach Group has signed a contract with the China Petroleum Engineering & Construction Corporation to establish new units
Oil Loses 2% of Its Gains Amid Declining Chinese Demand Growth Expectations
Oil prices fell by about 2% at settlement, with little change over the week, as Brent crude dropped below $80 a barrel amid declining investor expectations
Lebanon Awaits Egyptian Gas to Solve the Electricity Outage Crisis
Lebanon is awaiting the arrival of gas shipments from Egypt by August 23 to help restore electricity, which was cut off after power plants exhausted their fuel supplies
Iraq Signs Contracts to Develop 13 Oil and Gas Fields
Iraq’s Ministry of Oil has preliminarily signed contracts to develop 13 oil and gas exploration blocks and fields
Oil Prices Continue to Rise Amid Hopes for Increased Fuel Demand
Oil prices continued to climb on Thursday, recovering some of the losses from the previous session, amid hopes that a potential U.S.
Chinese Oil Refinery Output Drops 6.1%
Official data released on Thursday revealed that oil refinery output in China fell by 6.1% year-on-year in July
Potential Shift in U.S. Oil Sanctions Policy if Trump Wins Presidency
S&P Global predicted that U.S. oil sanctions policy could undergo significant changes if Donald Trump wins the presidential election
Oil Prices Continue to Rise Amid Middle East Conflict Concerns
Oil prices continued to rise on Wednesday after a report showed a drop in U.S. crude and gasoline inventories
Gazprom Pumps 42.4 Million Cubic Meters of Gas Daily via Ukraine
Russia’s Gazprom announced that its natural gas exports through the Sudzha pumping station near the Ukrainian border reached 42.4 million cubic meters
Commencement of Draining 1.4 Million Liters of Fuel from the Stricken “MT Terranova”
The Philippine Coast Guard announced on Wednesday that operations to drain 1.4 million liters of industrial fuel oil from a sunken tanker
International Energy Agency Revises Oil Demand Growth Forecast for 2025
The International Energy Agency (IEA) maintained its forecast for oil demand growth in 2024 but revised its expectations for 2025
Egypt Supplies Power Plants with 155 Million Cubic Meters of Fuel Daily
The Egyptian Ministry of Petroleum said it is providing daily quantities of fuel to Egyptian power plants
The US Seeks to Purchase 6 Million Barrels of Oil to Cover Strategic Reserve Deficit
The United States is seeking to purchase an additional 6 million barrels of oil from energy companies to help cover the deficit
Kuwait Maintains Oil Export Prices to Asia
Kuwait has kept its official selling price for Kuwaiti crude oil to Asia unchanged at $1.25 per barrel above the average Oman/Dubai price for September
Kuwait to Invest More in Gas Exploration and Production in Egypt
The Egyptian Kuwaiti Holding Company announced today that it plans to invest more in Egypt to enhance exploration operations and increase gas production
Egypt’s Imports of Israeli Gas Rise by 5%
Egypt’s imports of Israeli natural gas increased by approximately 5% in August to about 890 million cubic feet per day
Egypt and Greece Agree to Accelerate “Electricity Interconnection” Project
Egyptian Minister of Electricity and Renewable Energy, Dr. Mahmoud Asmat, met with Dimitris Kopoulos, Chairman of Kopoulos Group
“Gazprom” Continues Russian Gas Transit to Europe via Ukraine
Gazprom has announced that it continues to transit Russian gas to Europe through Ukraine via the Sudzha pumping station at the volume confirmed by the Ukrainian side
Petrobras: Mataripe Refinery Is Not a Priority
The Brazilian state-run oil company Petrobras does not see the repurchase of the Mataripe refinery, owned by Abu Dhabi’s sovereign wealth fund Mubadala, as a priority
Oil Scores Weekly Gains of 4% on Positive Economic Data
Oil prices rallied to a weekly gain of around 4% as demand concerns eased on positive economic data and signals from Federal Reserve policymakers that they may be nearing the end of interest rate hikes
Iraq Transforms Oil and Residues into High-Quality White Products
The Iraqi Ministry of Oil is nearing completion of a project that will convert heavy crude oil and oil residues into high-quality white products
Emergency Declared at Libya’s Largest Oil Field
The National Oil Corporation (NOC) in Libya announced on Wednesday that it had declared a state of force majeure at the Sharara oil field, effective August 7
Egypt to Start Operating Gas Processing Plant in the Western Desert by Mid-2025
The Egyptian Ministry of Petroleum and Mineral Resources intends to complete the construction of a natural gas processing plant in the Western Desert
Oil Prices Decline After Two Sessions of Gains
Oil prices fell on Thursday, recording losses after two sessions of gains, which were supported by government data showing a sharp decline in U.S. crude inventories
Egypt Prepares to Execute Projects to Produce 39 GW of Electricity from Renewable Energy
The Egyptian Ministry of Electricity is preparing to hold meetings in the coming weeks with five Arab and international companies involved in the planned projects in Egypt to produce 39 gigawatts of electricity from renewable energy.
Russian Oil Continues to Flow to Europe Despite Some Companies Withdrawing
Data from traders and shipping companies has revealed that a group of Western insurance companies have provided coverage for tankers carrying Russian crude oil
Sharara Field Cuts Oil Production Due to “Force Majeure”
The Sharara field, one of Libya’s largest oil-producing areas, has reduced its output due to force majeure conditions caused by protests by the Fezzan Movement
Narrowing Gap Between Supply and Demand in U.S. Oil Markets
The U.S. Energy Information Administration (EIA) expects a narrowing gap between supply and demand in U.S. oil markets this year
Oil Prices Rise and Demand Decline Limits Gains
Oil prices rose in Asian trading on Wednesday amid increasing tensions in the Middle East, though the gains were limited by declining demand
A New Gas Discovery in Colombia After Two Years of Drilling
The Brazilian oil giant Petrobras has announced the discovery of new quantities of natural gas in Colombian territorial waters off the coast of the Caribbean Sea
Algerian Gas Exports Decline Due to Rising Electricity Demand
Algeria’s liquefied natural gas (LNG) exports have dropped significantly in recent months, raising questions about the causes and potential consequences for the Algerian economy.
Libya’s Largest Oil Field Halted by Protests
Production at Sharara, Libya’s largest oil field, has been completely shut down after local protesters from the Fezzan region blockaded the facility
Egypt to a Establish $217 Million Mineral Extraction Complex in Aswan
Egypt’s Ministry of Petroleum and Mineral Resources has announced plans to establish a two-phase mineral extraction complex in Aswan
Egypt’s Petroleum Product Imports Surge by 47%
Egypt’s imports of petroleum products witnessed a significant 47% increase in the first five months of 2024 compared to the same period in 2023
Osaka Gas and ADNOC Sign LNG Supply Deal
Japanese firm Osaka Gas has signed a long-term agreement with Abu Dhabi National Oil Company (ADNOC) for the supply of up to 0.8 million metric tons of liquefied natural gas (LNG) per year.
Oil Hovers at an Eight-Month Low Due to Recession Fears
On Monday, oil prices settled at their lowest level in eight months as concerns about a potential recession in the United States
Austria to End Dependence on Russian Gas by 2027
Austria’s ruling coalition has decided to gradually phase out Russian gas by 2027 as part of the country’s new security strategy
Saudi Arabia Explores Chile’s Lithium Production Experience
Saudi Arabia’s Deputy Minister of Industry and Mineral Resources for Mining Affairs, Eng. Khalid bin Saleh Al-Mudaifer
Oil Prices Hit Lowest Levels Since January
Oil prices dropped to their lowest levels since January after data showed U.S. job growth slowed more than expected last month
OPEC Oil Production Rises Due to Saudi Supply Rebound
OPEC’s oil production increased in July, driven by a recovery in Saudi Arabia’s supply and slight gains elsewhere
Oman Launches an Ambitious Project to Increase Liquefied Gas Production
The Sultanate of Oman announced ambitious plans to enhance its capabilities in producing and exporting liquefied natural gas
America Buys 4.65 Million Barrels of Oil to Refill Its Strategic Reserve
The US Department of Energy announced the conclusion of a contract to purchase 4.65 million barrels of crude oil to refill the Strategic Petroleum Reserve
The Decline in Liquefied Gas Production Threatens the Russian Economy
The Russian liquefied natural gas industry has suffered a painful blow, with a sharp decline in production from the giant Arctic LNG 2 facility
Dangote Refinery Denies Selling Crude Oil Without Refining
Tony Chiejina, the official spokesperson for Dangote Refinery in Nigeria, Africa’s largest oil refinery, denied technical malfunctions and reports about selling crude oil without refining
Oil Prices Decline Amid Positive News from China
Oil prices remained near their six-week low as positive economic data from China helped alleviate concerns about demand
Egypt Signs Major Gas and Oil Investment Deals with Shell and Chevron
Egypt is undergoing a significant energy sector transformation, focusing on boosting natural gas reserves and developing related infrastructure
Saudi Arabia Eyes Investments in Brazilian Iron Ore Giant
Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, visited Brazil’s Carajás mines
Noticeable Decline in Oil Prices After Decline in Chinese Demand
Global oil markets declined significantly, with oil futures closing down 1.5%.
$11.5 Billion Qatar’s Investments in Its Huge “Golden Pass” Project
Qatar Energy Company revealed that the total investment volume in its huge “Golden Pass” project in the United States of America has reached about $11.5 billion.
A UAE Company Develops Egyptian Oil Fields Using AI
A UAE company has utilized artificial intelligence as part of its comprehensive strategy to develop oil fields in Egypt
Oil Prices Rise, Supported by Declining US Inventories
Oil prices increased on Wednesday after a series of declines, driven by rising US crude inventories.
Russia Admits Exceeding Its OPEC+ Quota
Russia is close to achieving the production goals agreed upon with the OPEC+ alliance, Russian Deputy Prime Minister Alexander Novak said
North Sea Oil Prices Fall Sharply After Asian Demand Declines
A cargo of North Sea crude worth about 2 million barrels was sold at a very low price to a buyer in Asia, a worrying sign of continued weak demand for oil
America Gives Reliance Green Light to Import Oil from Venezuela
Reliance Industries, a giant refining company in India, has received approval from the United States to resume importing oil from Venezuela
The Catalan Field Is a Huge Boost to the Region’s Energy Sector
The Greek company Energean made the final investment decision in the Catalan gas project discovered off the coast of Israel
Turkey Achieves Its Energy Independence with a Giant Gas Processing Ship
Turkey is seeking to strengthen its steps toward achieving its energy independence by purchasing a giant gas processing ship
The Crude Oil Market Rebounds with China’s Increased Purchases from the Middle East
The crude oil market saw an unexpected boost as Chinese refiners increased their purchases of Middle Eastern oil despite continuing
Oil Prices Rise Coinciding with Biden’s Withdrawal and the Canadian Fires
Oil prices rose significantly after falling by about 3%, as investors anxiously follow the developments of political events in the United States
Oil Market Poised for Surplus in 2024, Prices Expected to Ease
Morgan Stanley predicts a shift in the currently tight crude oil market toward a surplus next year, anticipating a decline in Brent crude prices
Fire Erupts at Russia’s Tuapse Refinery Following a Suspected Drone Attack
Officials in the Krasnodar region have reported damage to the Tuapse refinery, owned by Russian oil giant Rosneft
Saudi Arabia Explores Investment Opportunities in Mining with Chile and Brazil
The Kingdom of Saudi Arabia sent a delegation from the industry and mineral resources system
China’s Fuel Oil Imports Fell by 11% Due to Weak Domestic Demand
Chinese customs data showed that the country’s imports of fuel oil decreased by 11% in the first half of this year
The Decline in Gas Production Hampers Egypt’s Efforts to Achieve Its Renewable Energy Goals
Egypt’s energy sector is experiencing a double crisis this summer as the country faces a decline in natural gas production and a rise in electricity demand
Gasoline Crisis in America After Joliet Refinery Stopped
The US Midwest region is facing a potential gasoline crisis after ExxonMobil’s Joliet refinery in Illinois stopped operating completely
Power Outages to Homes and Factories in Ukraine
Russia launched drone attacks on energy transmission facilities in northern and central Ukraine overnight, causing temporary power outages for households and industrial producers
China Increases Its Imports of Russian Oil by 5%
China’s oil trade took a noticeable turn during the first half of this year, as its imports of crude oil from Russia increased by 5%
Azerbaijan: Ready to Fill the Gap in Gas Supplies to Europe
Azerbaijani President Ilham Aliyev announced his country’s readiness to increase natural gas supplies to Europe via Ukraine
Kuwait Ramps Up Offshore Exploration, Aiming for Production Boost
Kuwait Oil Company has announced ambitious plans to drill six exploratory wells in its offshore territories
Geopolitical Shifts Reshape Global Gas Flows as Russia Signs a Major Deal with Iran
In a move signaling a deepening energy partnership, Russian energy giant Gazprom inked a 30-year agreement with the National Iranian Gas Company
Oil Markets Fluctuate Amid Competing Global Trends
Oil prices saw an uptick of nearly 1%, driven by a larger-than-anticipated decline in U.S. crude inventories and a weakening US dollar
US Natural Gas Prices Plunge as Mild Winter Creates Supply Glut
US natural gas prices have plummeted in recent weeks, defying earlier predictions of winter shortages
Senegal’s Oil and Gas Revenues Fuel Growth in Electricity and Renewable Energy Sectors
Senegal’s electricity and renewable energy sectors, alongside five other key industries, are experiencing significant growth
Egypt to Import 740,000 Tons of Petroleum Products Amidst Rising Consumption
Egypt has announced a global tender to import approximately 740,000 tons of petroleum products for delivery in August
Egypt Plans to Attract $1 Billion in Mining Investments
The Egyptian Mining Company (EMC) plans to invest $40 million over the next three years to explore gold in West Jebel Elba
Turkey Is Willing to Solve Europe’s Gas Crisis Under Certain Conditions
Europe is working hard to secure alternative supplies of natural gas to replace the Russian flows passing through Ukraine
Reviving the Inga Dam Project to Be the World’s Largest Power Station
Five well-established development finance institutions: the Southern African Regional Development Bank
Morocco Compensates “Coral” with $150 Million in the “La SAMIR” Refinery Case
The International Center for Settlement of Investment Disputes issued a decision requiring Morocco to pay compensation
Oil Tanker Capsizes off the Coast of Oman and Fears of a Leak
The crew of the oil tanker that capsized off the port of Duqm in Oman is still missing, a day after the Comoros-flagged tanker was reported to have sunk
Oil Prices Rise Amid Political Uncertainty in America and the Middle East
Oil prices rose due to political uncertainty in the United States and the Middle East, easing pressure from a stronger dollar and weak demand in China
Egypt: 145 Exploration Agreements Signed for Gas and Oil with 40 Partners
The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, revealed the ministry’s plans to expand gas and oil production
$550 Million Contracts Awarded to Complete Gas Pipeline Expansion in UAE
ADNOC Gas has awarded contracts worth AED 2 billion (equivalent to USD 550 million) to the National Marine Dredging Group and Galfar
Egypt Pays Arrears of Foreign Oil Companies in Three Installments
The Egyptian government has announced a plan to pay foreign oil companies $3.2 billion in arrears in three installments during the current fiscal year
Gas Prices Fell by 7% with Expectations of a Decrease in Temperature
Natural gas prices decreased by more than 7%, which is the most compared to the last two months in the United States of America
Russia Threatens to Ban Gasoline Exports Again
A ban on gasoline exports will likely be re-imposed in August in a move to prevent shortages in the local market
Large-Scale Campaign Against the Russian “Shadow Fleet” to Prevent Oil Smuggling
The United Kingdom, in cooperation with a group of European countries, is preparing to launch a large-scale campaign against the Russian “shadow fleet”
OPEC+ Is Confident That the Oil Market Can Absorb Increased Production
OPEC+ is confident in the ability of the global oil market to absorb the increased production expected by some members of the alliance
Massive Oil Discovery at Kuwait’s Al-Naqdouh Field with 3.2 Billion Barrels in Reserves
Kuwait Oil Company announced a massive oil discovery at the offshore Al-Naqdouh field located in Kuwaiti territorial waters
Oil Prices Rise Due to the Trump Assassination Attempt and Increased Demand
Global oil prices rose, affected by an assassination attempt on former US President and potential candidate Donald Trump
European Gas Prices Drop as Supplies Stabilize and Storage Levels Rise
Natural gas prices in Europe experienced a significant decline this week, heading for their most substantial weekly loss
Massive Fire Engulfs Oil Tank in Russia’s Rostov Region
A massive fire erupted in an oil tank located in the Tsimlyansky district of Russia’s southern Rostov region
$64 Billion in Russian Revenues from Oil and Gas in Six Months
The Russian Ministry of Finance revealed that Russia’s revenues from the sale of energy resources have increased to 5.7 trillion rubles, or about 64 billion dollars
Oil Suffers Slight Losses After 4 Weeks of Gains
Oil prices posted losses after a four-week streak of gains as futures saw a slight decline at the close on Friday
Iraq Commits to OPEC+ Agreement and Production Quota
The Iraqi Ministry of Oil has reiterated its commitment to the OPEC+ agreement and its planned production plan
Oil and Gasoline Inventories Decline, Distillates Rise in America
Last week, crude oil and gasoline inventories in the United States saw a decline, while distillate inventories rose.
Sharp Decline in Russia’s Crude Oil Exports
Official data revealed a sharp decline in Russia’s weekly crude exports in the first week of July, reaching their lowest level since February of this year.
China Concludes a Billion-Dollar Deal to Establish an Electric Car Factory in Turkey
Electric cars in Turkey attract Chinese investments amounting to about one billion dollars, which enhances the ambitions of the two countries
Developing Oil and Gas Fields in the North Sea
Norwegian energy company Equinor announced the start of production from the first wells of the La France field
Gas Prices Rise Due to the Heat Wave and Hurricane Beryl
The natural gas market in Europe is witnessing a noticeable rise in prices driven by a combination of factors
Lower Shipping Costs Raise Russia’s Oil Revenues
Recent data revealed that the costs of shipping and delivering Russian Urals crude to Asia have decreased significantly
Egypt Turns to Treated Waste to Tackle Electricity Challenges
A new study reveals that utilizing Refuse-Derived Fuel (RDF) from treated waste in the cement industry offers a viable solution to environmental pollution caused by burning waste without gas purification.
Tropical Storm Beryl Threatens Global Oil Markets
Tropical Storm Beryl is causing concern in global oil markets. The U.S. Coast Guard has issued a warning about the potential closure of Texas ports and has already begun restricting vessel traffic.
Gas Supply Cut to Thousands in Crimea Following Pipeline Fire
A fire broke out in the Crimean Peninsula on Saturday evening following an incident on a gas pipeline near the village of Vinogradnoye.
Electricity Prices Stabilize in France Following Resolution of Technical Issues
The CEO of Électricité de France (EDF), Luc Rémont, has confirmed the stabilization of electricity price forecasts in France over the medium term.
Slight Rise in Oil Prices as Demand Increases and Inventories Decrease
Oil prices rose slightly on Sunday with a noticeable improvement in demand and a decrease in inventories.
India Sets Record in Russian Oil Purchases Amid Global Shifts
India has achieved a new milestone in its acquisition of Russian oil, with imports soaring to an unprecedented 2.1 million barrels per day in May
Three Russian Oil Tankers Stranded in the Baltic Sea Due to British Sanctions
Three Russian oil tankers remain stranded in the Baltic Sea due to recent British sanctions targeting the Russian "shadow" fleet
Resurgence of Oil Production in Brazil Raises Concerns for OPEC and Investors
Brazil’s oil production has rebounded sharply after a 25% decline earlier this year due to maintenance activities
Agreements to Promote Energy Projects Between South Korea and Kazakhstan
South Korea and Kazakhstan today signed an important memorandum of understanding to enhance cooperation in the field of minerals
660 Million People Will Be Deprived of Electricity by 2030
A joint report by the International Energy Agency and the United Nations revealed a significant decline in access to electricity globally
A Sudden Rise in US Oil and Gasoline Inventories
Inventories of crude oil, gasoline, and distillates in the United States experienced a sudden rise during the week ending on June 7th.
Oil Prices Fall Under the Pressure of Interest Rates and Inventories
Oil prices fell on Thursday morning as investors absorbed the decision of the US central bank (the Federal Reserve) to postpone cutting interest rates
“America” Adjusts Its Forecast for the Growth of Global Oil Demand in 2024
Forecasts for global oil demand growth in 2024 and 2025 present a stark contrast between the US Energy Information Administration (EIA) and OPEC, along with its OPEC+ alliance.
“Europe” Finds Its Way into Azerbaijan’s Gas as an Alternative to Russian
European countries are seeking alternative solutions to secure their natural gas supply as the expiration date of the gas transit agreement through Ukraine approaches at the end of this year.
Russian Oil Exports from the “Sakhalin II” Project Are in Crisis
Tanker operations from the Russian "Sakhalin II" project are facing a crisis, with two of its three tankers out of service since last April
OIL FLOWS THROUGH THE CAPE OF GOOD HOPE INCREASED BY 50%
Oil flows through the Cape of Good Hope surged by 50% during the first five months of 2024, compared to the average for 2023.
OPEC: Anticipated Recovery of Oil Demand in the Second Half of 2024
The Organization of Petroleum Exporting Countries (OPEC) has maintained its forecast for global oil demand growth at 2.2 million barrels per day for 2024
Modernization of the “Ruwais” Refinery Enhances Oil Security in the Emirates
The UAE is striving to bolster its oil security by diversifying its crude sources, following the modernization of its Ruwais refinery, which now has the capability to process a broader range of oil types.
UK Accounts for 14% of Energy Production During 2022
Data from the US Energy Information Administration revealed that the United Kingdom played an important role in the field of energy
A Jump in Oil Prices in the Third Quarter Driven by Increased Demand
Goldman Sachs expects oil prices to rise during the third quarter of this year, driven by increased demand during the summer season.
Gas Prices Rise Due to the Heat Wave and Decline in Production
Natural gas prices reached their highest level since last January, exceeding $3 per thousand cubic feet, driven by the summer heat wave and a decline in production in June.
New Zealand: The Ban on Oil and Gas Exploration Will Be Lifted This Year
The New Zealand government is moving ahead with plans to lift a ban on offshore oil and gas exploration,
Imminent Breakthrough in the Kurdistan Oil Export Crisis
Official Iraqi media sources revealed progress in negotiations between the Iraqi federal government and the Kurdistan Regional Government on the oil export file.
Iraq Opens Gas Processing Project to Enhance Power Generation
Iraq has inaugurated the associated gas processing project in the Halfaya Field in Maysan Governorate, marking the culmination of tireless government efforts over the years.
US Crude Oil Inventories Rise to 455.9 Million Barrels
Recent data from the US Energy Information Administration showed a surprise rise in the country's crude oil inventories last week
Russian Oil Revenues Jumped 50% Last May
The contribution of Russian oil revenues to the government budget rose by 50% in May 2024 compared to 2023
“America” Buys ThreeMillion Barrels of Oil to Strengthen the Strategic Reserve
The US Department of Energy announced the purchase of 3 million barrels of crude oil to strengthen the country’s Strategic Petroleum Reserve
The “Shadow Fleet” Poses a Challenge to the Fairness of the International Oil Trade
Illegal tankers transporting oil from countries under Western sanctions, such as Iran, Venezuela, and Russia
14% of Russia's oil refining capacity was disrupted
A fire broke out at an oil refinery owned by the major Russian oil company Lukoil near the city of Ukhta in the Komi Republic, a region located in northwestern Russia.
Gas pipeline deal between Russia and China falters
Natural gas pipeline deal between Russia and China stalled; As a result of Moscow considering Beijing's demands regarding price and supply levels unreasonable.
“Algeria” seeks to increase its gas exports to European countries to 100 billion cubic meters
Algeria is seeking to strengthen its position on the global energy map as a rising player in the natural gas market, driven by huge discoveries of its reserves on its territory, and the increasing demand for this clean fuel in Europe.
180 trillion cubic feet of natural gas reserves in Mozambique
Massive discoveries of natural gas reserves off its northern coast have pushed Mozambique to the top of the global energy map as a potential major player.
“OPEC+” extends oil production cuts to ensure market stability
OPEC and its allies, known as OPEC+, issued a series of strategic decisions during their recent meeting in Vienna; It decided to extend the mandatory production cuts amounting to 3.66 million barrels per day
Increase investments in gas projects by 50% by 2029
New forecasts from Goldman Sachs indicate that global LNG supplies are on track to rise by 80% by 2030.
Gains and losses for oil after OPEC+’s decision to increase production
Oil prices fluctuated between gains and losses after the OPEC+ alliance decided to increase the production of some of its members starting in October.
“Russia” causes severe damage to Ukrainian power plants following a new attack on “Ukraine”
Russia launched one of the largest missile and drone attacks in more than 3 weeks against vital infrastructure in Ukraine, as a result of which Ukraine's air defenses shot down two-thirds of the missiles.
“OPEC+” discusses production policy today in the presence of some ministers in “Riyadh”
Today, Sunday, June 2, 2024, an OPEC+ alliance meeting will be held with the aim of discussing oil production policy.
Morocco is preparing to launch a tender in the summer months with the aim of building a floating liquefied natural gas terminal in the western Mediterranean port of Nador in the northeast of the country.
Trial operation has begun for expansions to increase the refining capacity of the Nasr Petroleum Refinery in Suez. The ceremony was inaugurated by the Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt, Tarek El Molla
OPEC+ may extend the deadline for oil production cuts until 2025
A number of OPEC+ ministers arrived in the Saudi capital, Riyadh. To participate in the coalition meeting scheduled for Sunday, although it will be held online.
Oil anticipates the OPEC+ meeting with a decline in its prices
Oil prices fell to end the week slightly lower, as investors awaited the upcoming OPEC+ meeting on Sunday.
“China”: We are committed to supporting the security of oil, gas and renewable energy supplies
China has emphasized strengthening its energy cooperation with Arab countries, as part of its efforts to secure its growing energy needs and expand its influence in the Middle East.
“China” threatens “OPEC+” plans by raising oil prices
The OPEC+ alliance's plans to raise oil prices by reducing production are facing new challenges with the slowdown in demand in China, which is the largest importer of crude oil in the world.
“Austria” is threatened with cutting off Russian gas supplies due to a legal battle
The Austrian energy company OMV warned of the possibility of cutting off Russian gas supplies to it. Which could lead to a significant rise in gas prices in Europe.
“Morocco” secures its gas needs away from “Algeria”
Morocco's import of natural gas represents 90% of its total consumption, while domestic production provides only 110 million cubic meters out of one billion cubic meters annually.
“Iraq” anticipates the “OPEC+” meeting by refusing to reduce oil production
Iraqi oil exports witnessed a slight decline during last April. It reached 3.412 million barrels per day, compared to 3.423 million barrels per day in March 2024.
Oil prices fall amid recession fears and rising interest rates
Oil prices fell during Thursday's trading, continuing the downward trend that began in the previous sessions.
“Algeria” raises the ceiling of gas production to 200 billion cubic meters
The Algerian Minister of Energy, Mohamed Arkab, announced ambitious plans to raise the country's natural gas production to 200 billion cubic meters in the medium term.
Kuwait opened Al-Zour Refinery, one of the largest refineries in the world, and it will contribute to strengthening its position as a regional center for oil refining and exporting high-quality petroleum products.
“Skikda” refinery is preparing to resume full operation after maintenance
The Algerian Skikda refinery is preparing for full restart after undergoing a programmed periodic maintenance process that lasted several days.
The first gas-powered hybrid marine tug enters service in “Singapore”
The first hybrid marine tug powered by liquefied gas has been in service at the Port of Singapore since mid-May.
Oil prices rise as production continues to decline and demand increases
Oil prices jumped in early Wednesday trading, driven by strong expectations indicating the OPEC+ alliance will continue production cuts, in addition to increasing demand for fuel with the start of the peak consumption season in the summer.
Chevron redraws the map of the oil industry with its acquisition of Hess
The shareholders of the American oil exploration company Hess approved its acquisition by the giant Chevron Company in a huge deal worth $53 billion, in a historic step that redraws the map of the global oil industry.
“Norway” plans to increase its investments in oil and gas by 15%
Companies operating on the continental shelf in Norway plan to increase their investments in oil and gas by 15% in 2024; Bringing spending to 24 billion US dollars.
“Iraq”: Accelerating the production and export of oil from “Kurdistan”
The Iraqi Ministry of Oil called for an urgent meeting with its counterpart in the Kurdistan region, along with international companies working in the field of oil and gas. This is with the aim of reaching an agreement on accelerating production processes
Oil suffers weekly losses amid abundant supplies
Oil prices are close to their lowest levels in three months; Traders are evaluating the impact of lower geopolitical risks and indicators on the availability of supplies before the OPEC+ meeting scheduled for next month.
“Colombia”: intensifying oil exploration to reach one million barrels per day
Colombia's Minister of Mines and Energy, Andres Camacho, said that his country is seeking to achieve the goal of reaching one million barrels of oil production per day, by increasing pressure on exploration companies to intensify activity.
Ara Petroleum obtains the right to develop the largest gas project in Tanzania
Ara Petroleum, part of Oman's prestigious Zubair Group, has announced that its joint venture in Tanzania has received a 25-year development license from the Tanzanian Ministry of Energy.
“Total Energies”: Reducing oil production threatens a global energy crisis
Total Energies CEO Patrick Pouyanné warned of the dangers of moving towards a rapid reduction in oil production, stressing that this could lead to a global energy crisis.
“Iraq” refineries strengthen their position as a major player in the Middle East
The northern refineries affiliated with the Iraqi Ministry of Oil are witnessing a massive refining revolution that strengthens their position as a major player in the field of refining in the Middle East.
An unexpected rise in US oil inventories
US weekly oil inventories data showed an unexpected rise in all major categories; As expectations indicated a decrease in inventories.
“Russia”: We exceeded “OPEC+” quotas in April for technical reasons
The Russian Ministry of Energy announced that its country exceeded its production quotas stipulated in the OPEC+ agreements for the month of April, explaining that this exceedance resulted from “technical reasons” related to reducing production by a large amount.
7 international and local offers to acquire the Egyptian “Wataniya”.
The Egyptian Minister of Planning, Hala Al-Saeed, announced that the government had received seven offers to acquire the shares of the National Company for the Sale and Distribution of Petroleum Products, “Wataniya.” Which heralds the imminent revelation of the winner of the awaited deal.
“Congo” discovers an offshore oil field, the first in 30 years
The State of Congo has succeeded in making an offshore oil discovery as an exciting development for the energy sector, the first of its kind in more than thirty years. This enhances its potential and highlights its promising reserves in the global oil market.
“Niger” launches its first shipment of oil exports after settling the dispute with “Benin”
Niger finally launches its oil exports, after settling a border dispute with Benin; This is an important step for the West African country.
“America” puts gasoline reserves amounting to one million barrels for sale
The administration of US President Joe Biden has put its gasoline reserves of one million barrels for sale on the market, especially after Congress ordered it to liquidate the stock.
Oil prices fall as US crude inventories rise
Today, Wednesday, oil prices witnessed a new decline; The rise in US crude inventories reinforced concerns about weak demand.
The launch of the “Middle East Oil and Gas” conference in the “Emirates”
The 31st session of the “Middle East Oil and Gas Conference” was launched, which is held under the patronage of His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Supreme Council of Energy in Dubai, and hosted by the ENOC Group.
“Morocco” reduces dependence on Spanish gas and moves toward energy self-sufficiency
The Moroccan government announced a comprehensive gas infrastructure roadmap, aiming to significantly reduce dependence on Spanish gas.
“India” negotiates Russian oil supplies at reduced prices
The Indian government is seeking a first-of-its-kind cooperation between state-run refineries and the private refining company Reliance Industries. Long-term supply agreements are being negotiated with Russia.
An uncertain future for oil in Iran after the death of the Iranian president
The news of the death of Iranian President Ebrahim Raisi in a helicopter crash left questions about the future of the oil sector, which witnessed remarkable growth during his short rule.
The heat wave raises gas prices in Asia to their highest levels
LNG prices in Asia have reached their highest levels since late December, driven by a combination of factors that are stoking demand and tightening supplies.
US sanctions paralyze the movement of Russian oil tankers
US sanctions on Russian oil tankers have disrupted Moscow's exports; It paralyzed dozens of ships in the water. This poses a major challenge to the Russian energy supply chain.
Russia reduces its oil production and increases its gas exports
Russia reduced its oil production in the first five months of this year by 1.8%; Production reached 195.7 tons. This reduction came within the framework of compliance with OPEC+ agreements
Pollution control laws are an obstacle to gas projects in America
American liquefied gas projects face challenges due to new laws aimed at improving air quality and reducing pollution.
“Kenya” uses “Aramco” to enhance its supplies of liquefied gas
Kenya is seeking to enhance its supply of liquefied petroleum gas, through talks with Saudi Aramco to obtain a floating facility. With the aim of reducing fuel prices in the East African country.
Oil prices continue to rise due to tensions in the region
Oil prices rose at the beginning of this week, driven by a mix of geopolitical and economic factors. The helicopter crash of Iranian President Ebrahim Raisi on Sunday raised concerns about the stability of the region
“Libya”: Operating a new pipeline that transports 10,000 barrels of oil per day
The Libyan National Oil Corporation announced the start of operation of a new pipeline linking the “North Hamada” oil field to the port of “Melita” on the Mediterranean coast, in an achievement that represents an important step towards enhancing oil production in the country.
“ENAP Sypetrol” acquires new oil concession areas in “Egypt”
The Chilean company "ENAP Cepetrol" seeks to expand the scope of its activities in Egypt, through the acquisition of new oil concession areas and exploration and prospecting for crude oil in the country.
A disappointing start for the Mexican Olmeca refinery
The long-awaited Olmeca refinery in Mexico has started operating, but at only 5% of its production capacity. Which raised questions about the feasibility of the huge project, whose investment cost reached $16 billion
Ukraine's attack on Novorossiysk raises concerns about global energy markets
The Russian port of Novorossiysk, the largest port on the Black Sea, was attacked by a drone at dawn on Friday. As a result, the Shiskharis oil port and the Importpishipprom oil products terminal were hit
Russia's oil refining capacity declines by 14% and fuel prices rise sharply
Bold Ukrainian drone attacks on Russia's energy infrastructure have disabled 14% of Russia's oil refining capacity; Which led to a sharp rise in local fuel prices
Oil continues to achieve gains supported by the decline in US inventories
Oil prices rose for the next day in a row, supported by a reduction in US inventories and signs of easing inflation.
Today, Wednesday, the State of Iraq, represented by the Ministry of Oil, signed a contract with the Chinese National Chemical Engineering Company (CNCEC) for the Al-Faw Refinery Investment Project with a capacity of 300,000 barrels per day.
British copper jumps to highest level in more than two years
The price of copper in the British capital, London, reached today, Wednesday, its highest level in more than two years, supported by the weakness of the US dollar and bullish expectations for demand.
The Russian Direct Investment Fund revealed its intention to start a joint investment with a Chinese company in a project to build the first marine terminal for transporting liquefied petroleum gas in the Russian Far East.
The huge tanker fleet revives liquefied gas trade in Arab countries
The global and Arab liquefied gas industry has witnessed tremendous developments during the last period, represented by an increase in production and exports, the diversification of markets, the growth of the gas tanker fleet, and the development of commercial structures for projects.
Postponing investment in the gas pipeline between Nigeria and Morocco until 2025
Amina Benkhadra, Director of the National Office of Hydrocarbons and Minerals in Morocco, announced that the final decision on investment in the natural gas pipeline between Nigeria and Morocco has been postponed until early 2025.
Qatar increases its production of natural gas by 60 million tons
Qatar revealed that it has added 60 million tons of natural gas to production, and that it will enhance its sales after concluding agreements to sell 25 million tons.
“International Energy”: Decrease in global demand for oil this year
For the second month in a row, the International Energy Agency lowered its forecast for global oil demand growth this year. This is under pressure from an economic slowdown and mild weather in Europe.
“Norway” displaces “Russia” and becomes the largest gas supplier to “Europe”
Norway has replaced Russia as the continent's largest gas supplier, in a huge transformation that the natural gas market in Europe has witnessed over the past two years.
A historic agreement between “Türkiye”, “Azerbaijan” and “Turkmenistan” to guarantee the flow of gas
Türkiye, Azerbaijan and Turkmenistan signed a historic agreement to ensure the flow of natural gas from Turkmenistan to Türkiye via Azerbaijan and Georgia.
Oil prices rise supported by a decline in “American” inventories and “Canada” fires
Oil prices witnessed a rise today, Wednesday, supported by a decline in American inventories and oil sands field fires in Canada. Brent crude oil rose to about $83 after falling 1.2% yesterday, Tuesday
“Norway” is using its sovereign fund to stimulate its economy and overcome the recession
Norway revealed its intention to increase spending from its $1.6 trillion sovereign wealth fund. To face the current economic challenges, stimulate its economy and overcome the recession.
“Europe” is considering banning the transportation of Russian gas through its ports
EU member states prepare to discuss banning the use of EU ports for re-exports of liquefied natural gas from Russia; In a new attempt to limit Moscow's revenues from fossil fuels
Russian naphtha exports to Singapore reach their highest level in 2024
Research firm LSEG said that Singapore's imports of Russian naphtha reached their highest level in 2024 during the month of May, driven by the recovery of refineries in Moscow.
China is rebuilding its coal and gas reserves, taking advantage of falling prices
These days, China is working to rebuild its reserves of coal and natural gas, the two primary fuels for generating electricity. In preparation for an expected hot and long summer.
“Libya”: Resuming production in 9 oil wells in the “Sarir” field
The National Oil Corporation in Libya announced the resumption of production in nine oil wells in the Sarir oil field, in a step considered a notable development for the energy sector in Libya, after the completion of the necessary maintenance work.
“Karr” wins the contract to develop the “Khalaisiya” gas field
The Iraqi company Karr won the contract to develop the Al-Khulaisiyah gas field, which is located in the Nineveh and Anbar governorates, adjacent to the Syrian border, in an important step towards strengthening the energy sector in Iraq.
Oil prices rise amid fears of declining supplies
Oil prices continued to rise today, Tuesday, amid expectations of shrinking supplies in light of a possible disruption to production in Canada. As a result of forest fires, in addition to strong demand and voluntary reductions in production.
“Iraq”: We will not accept additional cuts in oil production
The Iraqi Oil Minister, Hayan Abdul Ghani, announced that his country will not accept any additional cuts in oil production during the next meeting of the OPEC+ alliance, scheduled to be held at the beginning of next month.
US shipments contribute to the stability of oil prices
Crude oil prices are declining significantly in markets from Europe to West Africa; Thanks to a new wave of American exports.
Oil production declined and refineries in Russia and Ukraine were disrupted due to the war
The ongoing war between Russia and Ukraine has targeted facilities vital to the energy sector in both countries; Which led to a partial disruption of some oil refineries and a decline in production capacity.
“China” wins the development of 29 oil and gas fields in “Iraq”
A number of Chinese companies won the investment to develop a number of oil and gas fields in Iraq, as part of a government auction held yesterday, Saturday.
“Guyana” opens its doors to “Qatar Energy”, “Total” and “Petronas” for oil exploration
The Government of Guyana has accepted an offer from a consortium of energy giants Qatar Energy, Total Energies and Petronas to explore for oil in an offshore concession called S-4.
An industrial and research alliance led by Varta to develop sodium ion batteries
15 companies and universities - led by German battery company Varta - have announced the establishment of a cooperation project to develop high-performance, efficient, clean and non-polluting cell chemistry.
India's gas imports are expected to grow by 8% despite their decline in April
India's liquefied natural gas (LNG) imports saw a slight decline in April, while expectations point to strong growth in the rest of the year.
“America” secures the strategic reserve by purchasing 3.3 million barrels of oil
The United States Department of Energy revealed that it seeks to purchase up to 3.3 million barrels of crude oil next October to add to the Strategic Petroleum Reserve.
“Sri Lanka” contracts with “Adani Green” to develop two power plants
Sri Lanka signed an agreement with the Indian company "Adani Green Energy" aimed at supplying energy for a period of 20 years.
“Mauritania” is looking for an operator for “Bir Allah”
The Director General of Hydrocarbons at the Ministry of Petroleum, Energy and Mines in Mauritania confirmed that the contract awarded to BP and Komsmos Energy in the offshore natural gas field in Bir Allah expired on April 29.
“OPEC+”: We are studying increasing production to calm volatile oil markets
Russian Deputy Prime Minister Alexander Novak confirmed that the OPEC+ alliance is considering the possibility of increasing oil production, amid fears of supply disruptions due to the conflict in the Middle East and rising global prices.
“Naturgy” responds to “Algeria”: Gas contracts are not affected by ownership changes
The Spanish energy company Naturgy confirmed that the natural gas supply contracts concluded with Algeria do not include any clauses that could be affected by changes in the company’s ownership structure.
Oil prices rise in conjunction with the Israeli attack on “Rafah”
Oil prices rose during trading today, Tuesday, against the backdrop of escalating geopolitical tensions in the region, especially after Israel’s bombing of the city of Rafah in Gaza, in conjunction with the continuation of negotiations.
“Egypt”: 8% increase in natural gas production next year
An Egyptian government official revealed the goal of increasing natural gas production in Egypt during the next fiscal year 2024-2025, bringing the average production to 5.7 billion cubic feet per day.
“Chevron”: Growth in electricity consumption raises demand for gas
Chevron CEO Mike Wirth expects demand for natural gas to rise above current expectations, driven by growth in electricity consumption in the artificial intelligence and data center sectors.
Russia doubles its oil revenues despite Western sanctions
Russia succeeded in recording a huge jump in its oil revenues during the month of April. Oil tax revenues doubled, reaching $11.5 billion
“Shell” negotiates the sale of its stations in “Malaysia” to “Aramco” for one billion dollars
Shell is holding talks with Saudi Aramco to sell the gas stations it owns in Malaysia, which is considered the second largest network of its kind in the country, in a deal worth close to one billion dollars.
“ADNOC” withdraws from acquiring a stake in “Braskem”
The largest oil producing company in the UAE has withdrawn its offer to buy a stake in the Brazilian company Braskem.
“Nigeria” grants investors in oil fields 17 licenses
The oil sector in Nigeria granted investors 12 licenses within the framework of the exploration and development plan during the year 2024, and it also re-offered the remaining 5 licenses from 2023, bringing the total to 17 licenses distributed among several offshore fields.
“Advent” is considering acquiring the controlling stake in “OQ” for $250 million
Advent International is in talks with the Sultanate of Oman to inject new capital into OQ Chemicals; With the aim of acquiring the controlling stake in the company.
Oil and gasoline stocks rise and distillate products decline in “America”
Both crude oil and gasoline inventories in the United States rose last week, while distillate inventories fell.
Members of OPEC increase their oil production and ignore pledges to reduce supplies
Despite the stability of oil production during the past month, the group’s recent pledges to reduce supplies remained not fully implemented, while the Organization of the Petroleum Exporting Countries pumped 26.81 million barrels per day.
Operating the largest nuclear power plants in America
Georgia Power announced the start of commercial operation of Unit 4 of the Vogtle Nuclear Power Plant, which is located near the city of Waynespur in the US state of Georgia.
$500 million Egypt’s gas import bill during the summer
The Egyptian Ministry of Petroleum and Mineral Resources revealed that the import bill for liquefied gas during the next four months of the summer will reach more than $500 million.
Oil prices rise after 3 days of losses
Brent and West Texas Intermediate crude futures prices returned to rise today, Thursday, by 0.3%, after three days of losses.
Supply concerns push natural gas prices in Europe higher
Natural gas markets in Europe are witnessing a continued rise in light of bets on continued rise in prices, driven by growing concerns about possible supply disruptions during the coming winter.
“Sudan”: We are looking forward to gas exploration and drilling operations in the Red Sea
Sudanese Minister of Energy, Dr. Mohieldin, said that there are promising possibilities to benefit from gas in the Red Sea, noting that his country aspires to exploration and drilling operations in this field in the coming years.
Oil prices witnessed a decline in trading today, Wednesday, for the third day in a row, with an increase in crude inventories and production in the United States, which is the largest oil consumer in the world.
“Iran” signs memorandums of understanding to increase gas production by 127 million cubic meters
Iran signed memorandums of understanding to increase natural gas production by 127 million cubic meters.
Resuming production in the “Khor Mor” field in “Iraqi Kurdistan” after it was targeted by drones
The Emirati company Dana Gas, operator of the Khor Mor natural gas field, announced that the wheel of production has returned to rotation, 5 days after it stopped following a drone attack.
India increased its purchases of Russian oil during the month of April, while reducing its imports from Iraq and Saudi Arabia, the second and third largest oil suppliers to the country.
Russian oil tankers face US sanctions by changing their names
A Russian state oil tanker company changed the names of some of its ships to the names of Russian cities, in an attempt to confront the sanctions imposed by the United States on the company last February.
“America” deals a new blow to “Russia’s” economy and bans the import of uranium from it
The US Congress approved legislation banning the import of enriched uranium from Russia, in a historic step that strengthens US national security and reduces dependence on Moscow in the field of nuclear energy.
“Saudi Arabia”: 40% of carbon emissions are caused by “America” and “Europe”
The Saudi Minister of Energy, Prince Abdulaziz bin Salman, said that OPEC contributes only 4% of carbon emissions, while America and the European Union are responsible for 40%.
“Iraq” and “Kazakhstan” pledge additional measures to reduce oil production
The countries of Iraq and Kazakhstan said on Wednesday that they are in the process of making additional cuts in oil production, and presenting plans explaining ways to compensate them for pumping several hundred thousand barrels per day.
“Norway” is preparing a new oil field with investments of 6.3 billion kroner
The State of Norway revealed that it has begun developing a new field to extract oil and natural gas in the North Sea, which aims to extend the life of a nearby field that has been operating for more than 3 decades. The "Pestla" project is managed by OKIA.
“Shell” achieves record profits… and investors criticize its failure to disclose financial details
The British company Shell announced that it achieved huge profits from trading American oil, but it did not reveal the precise financial details of its business in this sector.
“America” cancels its plans to burn hydrogen and remove carbon from power plants
The United States of America revealed that it has made fundamental amendments to its plans to remove carbon from power plants. Co-burning hydrogen technology was excluded as a primary solution after a comprehensive review
“Algeria”: A $52 billion investment program to increase gas production
Algerian Energy Minister Mohamed Arkab affirmed his country's commitment to strengthening its role as a reliable global energy supplier, through huge investments in exploration and production.
PetroChina benefits from rising oil and gas prices and achieves record profits
PetroChina, China's largest oil and gas producer, announced record profits in the first quarter of 2024, driven by rising global oil prices and stable demand for natural gas.
“Brazil” is on its way to join “OPEC+”
Brazilian Minister of Oil, Natural Gas and Biofuels, Pietro Mendes, said that his country - which ranks ninth in the world in oil production with 3.25 million barrels per day - is on its way to joining the OPEC+ alliance.
“Türkiye”: Purchasing 2.5 million tons of gas from “ExxonMobil” annually
The Turkish Ministry of Energy and Natural Resources announced today that it has taken an important step towards enhancing energy security in the country, by reaching a potential agreement with the American company “ExxonMobil”.
US gas jumps to the highest level as the peak season approaches
US natural gas prices witnessed a significant increase on Tuesday; Futures rose 5% to reach a 12-week high, as the peak season approaches in June.
Restrictions on Russian gas imports to Europe… soon
The G7 continues its pressure on Russia in the context of the ongoing energy war. The group's energy ministers are discussing imposing restrictions on Russian liquefied natural gas imports to Europe.
“Qatar” stresses that there is no “demonization” of oil and gas as demand continues
The Qatari Minister of State for Energy Affairs, Saad bin Sherida Al-Kaabi, rejected attempts to “demonize” oil and gas, stressing the continued need for these two vital materials for long periods to come.
A cautious calm in oil markets thanks to “shale oil” amid geopolitical concerns
Despite the escalating tensions between Iran and Israel, oil prices remained stable at $87 per barrel, supported by American “shale oil,” which provided partial protection for global markets.
Oil prices fall amid hopes for peace… and mixed expectations regarding interest rates
Oil prices fell in early Asian transactions on Monday, giving up some of the gains they made in the previous session, driven by a combination of geopolitical and financial factors.
The liquefied natural gas industry in Russia is facing difficulties due to sanctions
Russia's liquefied natural gas industry faces major challenges that threaten its future ambitions, in contrast to the resilience of oil exports. Western sanctions imposed strict restrictions on this industry
The American company "Venture Global LNG" revealed the start of operation of the "Blackmines LNG" facility in Louisiana, which is its second facility to export liquefied natural gas, in mid-2024.
Low fuel prices hamper Sweden's plans for sustainable mobility
Fuel prices in Sweden have been declining over the past 10 years, which was supposed to be a positive factor for the government’s performance, which seeks to reduce transportation sector emissions.
“Equinor” announces the date for the resumption of operation of a huge liquefied gas station
The Hammerfest LNG station in northern Norway suffered a gas leak on April 23, 2024, which led to the cessation of production and the evacuation of 54 workers from the station. The station’s maintenance process continued for one day.
Completely eliminating coal from the G7 table
As chair of the current session of the G7 Energy Ministers' Summit, Italy is moving towards international consensus to completely end the use of coal in power plants
Chevron and Exxon oil production rebounds in Guyana and the Permian Basin
The two giant oil companies, ExxonMobil and Chevron, issued a statement on Friday, revealing their profits and their plans to increase production from the Permiana region, which is considered one of the prominent oil regions in America.
Chevron beats earnings expectations and shows strong growth supported by oil and production
Chevron posted strong earnings for the second straight quarter, helped by higher oil prices and strong production growth. However, the $53 billion acquisition of Hess...
Oil processing in Russia decreases with the start of seasonal maintenance work
Oil processing rates in Russia fell over the past week; The refineries entered into seasonal maintenance work after the Ukrainian drone attacks.
Oil rises, supported by strong economic growth in Europe and tensions in the Middle East
Oil prices rose on Tuesday, April 23, benefiting from several political and economic factors that have strengthened during the recent period. Prices began to rise since the previous session
Futures prices for both Brent and West Texas Intermediate crude rose 0.9%, and data showed that overall trade activity in the euro zone grew significantly in nearly a year this month.
“Gazprom” replaces the Suez Canal to supply gas to “Asia”
Russian giant Gazprom sent the first shipment of liquefied natural gas this year to Asia from the Portovaya LNG terminal on the Baltic Sea.
Russian oil exports rise by about $24 million
Russian seaborne crude oil exports rose to a multi-month high during the four weeks ending April 21; Bringing its total value to $1.94 billion per week
Oil prices maintain their rise amid anticipation of inventories and sanctions on “Iran”
Oil prices held steady after a report indicating a decline in US crude inventories, as traders monitored progress towards imposing new sanctions on Iran.
Steve Feamster, Managing Director of Petroleum Development Oman (PDO), predicted that crude oil production would rise to 700,000 barrels per day before the end of the current decade in 2030.
The global energy market is witnessing a heated struggle between major international companies, such as Shell, Total Energy, and Mitsui of Japan. In order to obtain shares in the “Ruwais” project.
Namibia is preparing for a qualitative leap in the oil industry with the discovery of a huge field whose reserves are estimated at 10 billion barrels. This is considered one of the largest discoveries in the Orange Basin.
Saudi Aramco is moving to acquire 10% of the Chinese Hengli Petrochemical Company
Saudi Aramco, the global energy giant, continues its strategic steps towards strengthening its presence in the huge Chinese market
Oil rises due to Middle East risks
Oil prices rose in Asia this morning; Where it witnessed compensation for the losses it suffered in the previous session; This is a result of investors continuing to evaluate the growing geopolitical risks in the Middle East region
After a month of cessation, “Ukraine” announces the resumption of electricity exports
After a month of hiatus due to Russian attacks, Ukraine has resumed electricity exports, starting Sunday, April 21, 2024.
The Gas Exporting Countries Forum published a report on Algeria and its export of natural gas to Europe; The report linked the Ukrainian war to the interruption of Russian gas supplies to Europe
The end of the first phase of exploration in the “Mopan” field off the coast of “Namibia”
On Sunday, April 21, the Portuguese oil company Galpenergia announced the completion of the first phase of exploration in the Mopan field near the coast of Namibia.
The UAE “Masdar” intends to enter the Libyan energy market for export to “Europe”
Abu Dhabi Future Energy Company "Masdar" and "W Solar Investment", which is affiliated with Alef Dhabi Holding Group, intend to build a solar energy station in Libya, and aim to export production to Europe.
Egypt's imports of Israeli gas declined by 22% during the summer
Egypt's imports of Israeli natural gas declined by 22% to 900 million cubic feet per day during the summer
The “G7” seeks to impose a ceiling on Russian oil prices
The text of the final statement of the G7 foreign ministers at the conclusion of their meeting on the Italian island of Capri, on Friday, confirmed the G7's intention to continue undermining the development of Russia's future energy projects.
“India” discusses with the Secretary General of “OPEC” the recent fluctuations in the oil market
India, the world's third-largest oil importer and consumer, discussed with the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, on Friday the recent fluctuations in the global oil market and its trends.
Signs of a breakthrough in the “Iraqi Kurdistan” oil crisis, amid hope for solutions soon
The crisis of stopping the export of Iraqi Kurdistan's oil to Turkey has caused huge material and development losses estimated at more than 12 billion dollars.
Oil prices decline despite political instability in the Middle East
Analysts and workers in the petroleum sector reported, through an analytical report by Reuters, that the abundance of supplies of some high-quality types of crude oil reduces the impact of conflicts in the Middle East.
The European Union urges the gradual abandonment of Russian gas
The European Union Agency for the Cooperation of Energy Regulators (ACER) explained in its latest report that European Union countries cannot currently completely dispense with liquefied natural gas from Russia.
Increase in the credit rating of “Qatar Energy”
Qatar Energy Company received a strong credit rating from Fitch; The agency raised its rating from AA- to AA, and added that the company's near future is in continuous development
Algerian Sonatrach and Swedish Tethys Oil sign an agreement for exploration
The Algerian oil and gas company Sonatrach said in a statement on Tuesday that it had signed an agreement with the Swedish company Tethys Oil.
Shunichi Kito - President of the Japan Petroleum Association - stated the possibility of oil companies in his country resorting to using Japan's oil reserves in the event of an emergency.
“Oman Gas” and “Shell” sign an agreement to export 1.6 million metric tons annually
The state-owned Oman LNG Company signed an agreement with Shell Trading Company to supply 1.6 million metric tons annually for a period of 10 years starting in 2025.
A rise in oil prices after the re-imposition of US sanctions on Venezuela
Oil prices rose in early trading on Thursday, paring the losses recorded in the previous session after the United States said it was reimposing sanctions on Venezuela.
A short US deadline for Venezuela to avoid re-imposing new oil sanctions
The government of Venezuelan President Nicolas Maduro faces a short deadline of two days to implement fundamental electoral reforms; So that it becomes more transparent, otherwise it will face the re-imposition of harsh oil sanctions
US oil inventories rise more than expected
US crude oil inventories rose significantly this week, far exceeding expectations; This raised investors' concerns about global demand
Expectations that US shale oil production will rise to its highest levels in 5 months next May
The US Energy Information Administration indicated that oil production from the largest shale producing areas in the United States is trending up
Gas prices in Asia jump to the highest level this year amid the risks of conflict
LNG prices in Asia witnessed a state of rise, especially at the beginning of January, in light of concern that Israel would respond to the attack committed by Iran earlier this week.
The UAE is strengthening its efforts to increase oil production
The United Arab Emirates continues to accelerate its plans to increase its oil production, as part of its effort to benefit from its vast reserves and secure a larger share of the global crude market.
The United States is discussing imposing new sanctions on Iranian oil
In the wake of the latest Iranian attack on Israel, calls are mounting in the United States for new sanctions on Tehran, and congressional leaders are discussing a bill that would ban the import of Iranian oil.
Bet on oil prices rising to $250 in June as war fears mount
Oil traders accepted options contracts for more than 3 million barrels in a bet on the possibility of prices jumping to $250 starting in June, as geopolitical and war risks continue to escalate.
Oil prices fall due to tensions in the Middle East
Oil prices fell by about half a percentage point in early trading on Wednesday, amid concern about global demand due to weak economic momentum in China.
Will Guyana become a major oil player on the global stage?
Guyana, the South American country, has emerged on the global energy map as a promising new player, after the discovery of huge quantities of oil on its territory in 2015.
The Algerian “Sonatrach” signs an agreement with the Swedish “Tethys Oil” to exploit hydrocarbons
The Algerian oil and gas company Sonatrach stated - in a statement on Tuesday, April 16 - that it had signed an agreement with the Saudi Tethys Oil Company.
Indian “Reliance” seeks to sell American oil as Russian flows increase
Indian company Reliance Industries sold US oil to other buyers in Asia last week, in an unusual move for refiners.
“Oman” supplies “Japan” with 0.8 million metric tons of liquefied gas
The state-owned Oman LNG Company has concluded an agreement with a Japanese company, Jira, to supply 0.8 million metric tons of liquefied gas every year, starting next year, and will continue for 10 years.
“Libya” aims to raise its oil production to 1.6 million barrels in 2024
The Undersecretary of the Ministry of Economy and Trade in the "unity" government headed by "Abdel Hamid Al-Dabaiba" stated that Libya aims to raise its oil production to 1.6 million barrels per day before the end of 2024.
Ukraine attacks pose a threat to Russian oil exports
Russia's crude oil exports face a major challenge; Whereas, despite its increase in March by 200 thousand barrels on a monthly basis
Iran is boosting its oil production amid sanctions challenges
Iran recorded a jump in its crude oil production during the first quarter of 2024, achieving 3.170 million barrels per day, an increase of 23.44% over the same period last year.
The United States sets a new record in natural gas exports during 2023
The US Energy Information Administration revealed that 8 billion cubic feet of gas will be imported per day during 2023, mostly via pipelines from Canada, a 3% decrease from 2022.
European gas prices stabilize after Iran’s attack on Israel
Natural gas prices stabilized in Europe after market fears of a possible escalation in the conflict between Iran and Israel calmed.
An official in Africa said that the OPEC+ alliance is looking to grant potential membership to Namibia, while the foundations are being laid that will enable it to be the fourth largest oil producing country in Africa.
“Libya” achieves $6 billion in oil revenues in the first quarter of 2024
The Undersecretary of the Ministry of Economy in Libya, Suhail Abu Shiha, stated during his statements with CNBC that the volume of oil revenues for the Libyan economy in the first quarter was $6 billion.
The Iranian attack on “Israel” ignites concern in oil markets
Oil markets witnessed sharp fluctuations over the past week; The Iranian attack on Israel exacerbated geopolitical concerns and pushed oil prices higher
Decrease in gas imports in Spain
Spain's imports of natural and liquefied gas decreased during March 2024, by 7.7% on a monthly basis, and this decline comes after a rise at the beginning of the year.
Asian oil prices decline due to the Iranian attack on “Israel”
Asian oil markets saw a significant drop in oil prices on Monday morning, following the Iranian attack on Israel over the weekend
Oil prices rise due to the Iranian attack on Israel
Oil markets witnessed a noticeable rise on Sunday, after the Iranian attack on Israel that occurred on Saturday evening, and analysts’ expectations indicate that this rise will continue on Monday.
“India” activates gas-fired power plants during the summer
India is activating the emergency clause, especially with regard to issuing an order for mothballed gas-fired power plants; In order to work during the summer as the demand for electricity begins to rise.
Kuwait’s imports of liquefied gas increased by 93% during the first quarter of 2024
Kuwait's imports of liquefied natural gas (LNG) increased significantly during the first quarter of this year. It rose by 93% year on year, reaching 1.12 million tons.
“Eni” is close to achieving new oil and gas discoveries in “Ivory Coast”
The Italian company Eni revealed promising indicators of oil and gas discoveries in Ivory Coast, as part of its efforts to enhance its market share of these two strategic commodities.
Liberty Power acquires the thermal power assets of Engro Corp.
Liberty Power has signed an agreement to purchase the thermal power assets of Engro Corp, the largest public power company in Pakistan, in the largest acquisition in the Pakistani energy sector.
“Algeria” records an increase in liquefied gas exports by 12%
Algeria's LNG exports to Europe increased by 12% during the first quarter of 2024, compared to the same period in 2023.
Volkswagen aims to increase its share in the Chinese electric car market
Volkswagen is aware of the fierce competition in the Chinese electric car market and seeks to maintain its market share, and competition in the electric car market in China is considered fierce.
Fuel sales in Morocco increased by 3.75%
Fuel sales in Morocco increased by 3.75% during 2023, supported by increased demand for fuel in the Kingdom, and total diesel and gasoline sales reached 6.78 million tons.
OPEC+ keeps the oil reduction strategy unchanged
The OPEC+ alliance kept the oil production reduction strategy unchanged, and the decision was widely expected in the markets, and this decision came during the 53rd meeting.
The UAE’s “Lunit” acquires a 40% stake in “ADNOC” Oil Pipelines
The UAE company “Lunit” announced on Wednesday, April 3, 2024, that one of its funds had acquired a 40% stake in ADNOC Oil Pipeline Company from BlackRock and KKR.
“China” intends to lift gas price restrictions to support distribution companies
Natural gas distribution companies in Chinese cities are expected to increase prices for households, but the Chinese government is taking several measures to support companies
Indian fuel refineries are considering building small nuclear reactors to support their business
Indian Oil Corp, a state company, is holding initial talks with India's atomic energy monopoly; With the aim of building small nuclear units
Russian oil and gas royalties tax rises by 90%
The Russian Ministry of Finance announced that revenues from the Russian gas and oil budget in March 2023 increased by 90% compared to revenues for the same month in 2024.
Oil prices maintain their gains with focus on US inventories
Oil prices witnessed a state of rise, especially after a report indicated a decline in US crude inventories before the OPEC+ meeting, during which the group is expected to maintain cuts in current supplies.
“Misr Petroleum” seeks to borrow 10 billion pounds to import fuel
Misr Petroleum, the government company specialized in producing and marketing oil in Egypt, aims to borrow 10 billion pounds from a local banking alliance led by the Bank of Egypt and the National Bank of Egypt.
Aramco awards contracts worth $7.7 billion to increase gas production
Saudi Aramco has concluded engineering, procurement and construction contracts worth $7.7 billion to implement a major expansion of the Al-Fadhili gas plant, which is located in the Eastern Province of the Kingdom of Saudi Arabia.
Saudi Aramco expands gas processing capacity at the Al-Fadhili plant
Saudi Aramco has awarded contracts worth $7.7 billion to expand the gas processing capacity of the Fadhili gas plant from 2.5 billion standard cubic feet per day to 4 billion standard cubic feet per day.
“Iran”: $35.8 billion in oil exports within 12 months
Iran's oil exports reached $35.8 billion in the 12 months to March 2024, customs department head Mohammad Rezvanifar told the Iranian Labor News Agency.
How did China help Russia trade oil to escape US sanctions?
Oil is a lifeline for the Iranian and Russian economies, a major source of income, but Western sanctions threaten the two countries' ability to ship oil and receive payments.
The Venezuelan National Oil Company (PDVSA) and the American company Chevron have begun drilling a new well within the framework of the "Petro Independencia" project, a joint venture to increase oil production in the country.
Russia reduces its production of liquefied natural gas due to US sanctions
The Russian Arctic 2 natural gas station was forced to reduce its production of liquefied natural gas. Because of US sanctions that stand in the way of Russia's desire to export more liquefied natural gas
Temporary recovery for Russian oil refineries
Data from Russian oil refineries showed that Russia's oil production from March 21 to 27 witnessed a noticeable increase; The average daily production reached 5.13 million barrels
Oil prices rise amid fears of tight supplies and escalating geopolitical tension
Oil prices continued to rise, supported by a decline in US crude inventories and escalating geopolitical tension. Brent crude futures rose 0.22% to $89.12 per barrel
OPEC oil production decreased in March
OPEC oil production fell during March 2024, driven by lower exports from Iraq and Nigeria.
“Mauritania” signs a contract to develop huge gas reserves
The Ministry of Petroleum, Minerals and Energy in Mauritania has concluded a contract aimed at developing huge reserves of natural gas, which is consistent with the country’s tendency to increase reliance on gas as an important and reliable source of energy.
“Russia” reduces diesel exports in April to the lowest level in 5 months
Russian diesel exports face a sharp decline this April. The country plans to reduce its shipments from the main ports in the west of the country to their lowest level in 5 months.
Russian “Gazprom” exports gas to Europe in large quantities via “Ukraine”
Reuters reported that the Russian company "Gazprom"'s exports of natural gas to Europe via pipelines recorded an increase of 4.5% in March compared to its exports in February.
“India” records the lowest percentage of hydroelectric power generation in 38 years
Reuters reported that the decrease in rainfall in India, along with the rise in demand for energy, prompted the country to increase reliance on oil and coal to meet energy demand.
“Aramco” plans to expand its marine fuel stations in “Saudi Arabia”
Aramco aims to expand investment in marine fuel stations, especially after evaluating the results and efficiency of the operational performance of the Aramco Marina station project on the Red Sea.
“Qatar” charters 19 tankers to expand the production of liquefied gas
Qatar Energy Company has concluded four agreements aimed at leasing 19 tankers to ship liquefied natural gas from Asian ship operators as part of its preparations to increase production.
The UAE becomes the largest oil supplier to Japan in February
Data from the Natural Resources and Energy Agency of the Japanese Ministry of Economy, Trade and Industry showed that the UAE became the largest oil supplier to Japan in February.
Fuel prices in the UAE rise in April with oil stabilizing above $80
The Committee for Setting Petroleum Derivatives Prices in the United Arab Emirates announced an increase in fuel prices for the month of April 2024, coinciding with the continuation of global oil prices above the barrier of $80 per barrel.
US oil dominates global markets thanks to sanctions
US oil exports have seen a record rise since Western countries imposed sanctions on Russia and Venezuela. As a result, American producers became the main beneficiaries of these sanctions
South Sudan's oil revenues decline after the disruption of an export pipeline
South Sudan's revenues declined as a result of the disruption of a pipeline crucial to the country's ability to export crude oil to foreign markets
America buys oil reserves amounting to 2.8 million barrels
The United States of America purchased 2.8 million barrels of crude oil to restore its reserves of oil reserves, after it carried out huge sales of its crude oil after the Russian-Ukrainian war.
“America” plans to ease sanctions on Venezuelan oil until July 2024
CNBC newspaper reported from US White House officials that the Joe Biden administration is not inclined to complete the oil sanctions that Trump had imposed on Venezuelan President Nicolas Maduro as a means of pressure to remove him from power.
“Morocco” is preparing to import liquefied gas and support a new pipeline project
Morocco has prepared a plan for a gas infrastructure road map, according to which Morocco can be provided with a number of ports for importing liquefied gas, in addition to supporting gas pipelines that connect producing basins to consumers.
“Egypt” allocates $3.3 billion to support fuel in the new budget
Egypt has set its new budget for the fiscal year (2024:2025) and its economic and social development plan, which includes fuel and oil derivatives support and investments in clean and green energy projects.
Expanding cooperation between Tunisia and Italy in the field of energy
The areas of partnership and cooperation between Tunisia and Italy are witnessing a remarkable expansion in the energy and hydrocarbons sector, with a special focus on securing and exploiting the pipeline transporting Algerian gas to Italy “Transmed”.
“Dangote” refinery threatens “Europe” with a loss of $17 billion
Dangote's massive refinery in Nigeria, with a refining capacity of 650,000 barrels per day, will put an end to the European gasoline trade in Africa, worth $17 billion annually.
The United States agrees to extend the gas supply agreement between Iraq and Iran
The Iraqi Ministry of Electricity announced that a new 5-year contract had been signed to import natural gas from Iran, after the approval of the US administration earlier in March.
North Korea is subject to US sanctions because of its import of Russian oil
30 officials from both the United States and South Korea met among themselves; To impose a ban on illegal Russian refined oil imports destined for North Korea.
“Libya” exports 47% of its fuel to “Europe”
The French Foreign Trade Insurance Corporation (Coface) revealed the volume of Libyan hydrocarbon exports to the European continent. She said that 66% of Libya's exports go to Europe
British Cleantech Lithium produces lithium chloride in Chile.
The British company Cleantech Lithium stated that it is now able to produce lithium chloride in Chile after extracting lithium from Chilean territory.
The American “Philips” expects global demand for fuel to grow
Phillips 66, which is considered the second largest refining company in the United States of America, stated that global demand for automotive fuel has been growing for many years.
Oil prices decline after a significant increase in US inventories
Oil prices continued to decline, especially after an industry report indicated a significant increase in US inventories, and other markets fell before the end of the quarter
Pakistan calls on Washington to exempt the Iranian gas pipeline from US sanctions
Pakistan plans to ask the United States for exemption from the sanctions it will impose on a pipeline project to transport natural gas from Iran
Indications of the continuation of the current production policy are weighing on oil
Oil prices recorded a decline for the second day in a row, during early trading on Wednesday, after a report on an increase in crude oil inventories in the United States, which is considered the largest oil consumer in the world.
“China” receives the last oil tanker subject to US sanctions carrying Russian “Sokol” crude
Shipping data from the London Stock Exchange Group and Kpler revealed that the seventh or last tanker, Sakhalin Island, which transports Russian Sokol oil, which is subject to US sanctions, arrived at the Chinese port of Tianjin.
“Russia” aims to reduce oil production during the second quarter of 2024
Russia asked its oil companies to reduce production during the second quarter of this year 2024 to the level of 9 million barrels per day by the end of June, according to what Reuters reported from sources in the oil sector.
Expectations of growth in the Sultanate of Oman’s natural gas production until 2035
The Sultanate of Oman is witnessing strong growth in its natural gas production, with expectations that it will continue until 2035, reaching 46 billion cubic metres, an increase of more than 20% from 2022.
Russia exports 82.9 million barrels of oil to Europe in less than three months
A report issued by the Black Sea Group showed that Russia’s oil exports to Europe in the period from the first of December 2023 until the end of February 2024 amounted to 82.9 million barrels.
“Russia” welcomes the reduction in oil production
Reuters news agency said that the Russian government wants to fulfill what OPEC+ countries promised to reduce oil production
One year since the closure of the oil pipeline between “Iraq” and “Turkey”… losses and damages
A full year has passed since the decision to close the oil pipeline between Iraq and Turkey, leaving behind huge losses and vague expectations for the future of its flow.
Oil prices are rising… and Brent crude is near $86
Oil prices witnessed a rise during trading today, Monday, March 25, 2024, in an attempt to compensate for the losses incurred at the end of last week.
Iraqi accusations against foreign companies of delaying Kurdistan oil exports
The Iraqi Ministry of Oil announced that foreign companies operating in the Iraqi Kurdistan region bear part of the responsibility for delaying the resumption of crude oil exports from the region.
“Egypt” increases its imports of Israeli gas by 26%
Egypt and Israel agreed to increase Israeli gas exports to Egypt by about 26%, to reach 1,450 billion cubic feet per day. This increase comes as Egypt seeks to secure its energy needs.
“Ukraine” increases its imports of electricity due to Russian strikes
The Ukrainian Ministry of Energy said that Ukraine imported 351.5% of total energy at the beginning of this week compared to the end of last week. Due to Russian attacks on Ukrainian energy facilities
OPEC warns against calls to abandon oil
OPEC Secretary-General Haitham Al-Ghais made statements to Kuwait News Agency “KUNA” regarding dependence on oil. He described oil as “the backbone of life” and it cannot be abandoned in any way.
Decline in steel manufacturing in China
BHP Group CEO Mike Henry announced at the China Development Forum that China has recently been manufacturing steel at a lower rate than Europe.
Operating the world's first synthetic fuel production facility in America
On Thursday, March 21, 2024, the American company “Infinium” announced its success in operating a project called “Pathfinder” in Corpus Christi, Texas.
Accumulation of Russian diesel shipments in tankers stuck in the Red Sea
Large quantities of Russian oil have been stuck in the Red Sea due to Moscow's difficulty finding buyers for this amount of shipments.
Russian oil falls to its lowest levels in 10 months
The Russian oil sector was affected by a drop in the average daily oil refining rate to its lowest weekly levels in 10 months following the Ukrainian attacks on this sector.
“India” dispenses with Russian oil shipments
Indian refineries announced that US sanctions on trucks transporting Russian oil prompted them to ban the import of Russian oil belonging to the Russian company "Sovcomflot".
“Eurostat”: The European Union will reduce its energy revenues in 2023
The Eurostat website published statistics on the European Union’s energy imports in the fourth quarter of 2023. The European Union imported the equivalent of 187.9 million tons, or a value of $120.9
A sharp attack on the International Energy Agency's biases against fossil fuels
Members of the US Senate and House of Representatives sent a scathing letter to the International Energy Agency, criticizing its biases against oil, gas and coal.
Oil rises supported by a decline in US inventories
Oil prices witnessed a rise in early Thursday trading, after declining in the previous session, supported by a decline in crude and gasoline inventories in the United States.
“Iraq”… an agreement with “Siemens” to convert burned gas into fuel
In an important step to protect the environment and enhance Iraq's capabilities in the field of energy, the Iraqi government signed an agreement with the German company "Siemens Energy" to convert gas burned within the framework of the oil production process into fuel for generating electricity.
“India” is preparing to operate the latest liquefied gas stations
India is preparing to open the Chhara LNG terminal, which is an important step towards achieving the goal of carbon neutrality by 2070. The plant is located in the state of Gujarat on the western coast of India.
“Ukraine” suffers “Russia” heavy losses after its attacks on oil refineries
Statistics showed that Ukrainian attacks on Russian oil refineries, of which there have been nine successful attacks since the beginning of 2024, led to losses in Russia's ability to produce energy by 11%.
“Angola” sets a new condition for rejoining “OPEC”
Angolan Minister of Oil and Gas, Jose Barroso, commented on his country’s exit from OPEC at the end of 2023. He said that his country's goal is to continue production at the level of 1.1 million barrels of oil per day
“Egypt” exports 50 thousand tons of liquefied natural gas to “Europe”
The Egyptian Ministry of Petroleum and Mineral Resources revealed that it is preparing 50,000 tons of liquefied natural gas for export from the Idku station to Europe before the end of March 2024.
Oil prices rise supported by expectations of rate cuts and declining inventories
Oil prices witnessed a noticeable rise after the US Federal Reserve indicated its continuation of its plans to reduce interest rates during the current year. Which strengthened the appetite for risk and weakened the US dollar.
A fateful decision awaits the Moroccan-Nigerian gas pipeline project before the end of the year
The Moroccan-Nigerian gas pipeline awaits a fateful decision before the end of this year that would accelerate the implementation steps to implement the giant project on which many West African countries depend.
The first floating LNG terminal in Nigeria witnessed a decision to postpone the final investment to the second quarter of this year, 2024.
Oil exports from South Sudan stopped after a pipeline explosion
Oil exports from South Sudan suddenly stopped, after a major explosion in a pipeline located in the area of the civil war that broke out a year ago in Sudan.
“America” intends to refill the strategic oil reserve by the end of 2024
The United States Secretary of Energy, Jennifer Granholm, announced on Monday that the United States intends to replenish its strategic oil reserves by the end of 2024.
Expectations of an increase in US oil production
ConocoPhillips CEO Ryan Lance said at the Sierra Week conference that he expects the amount of US oil produced by the United States to rise to 14 million barrels per day.
Instead of the Russian… “India” is turning to American oil
Kpler announced that India has imported the equivalent of 7 million barrels of US West Texas Intermediate crude since the beginning of March. Which means that this amount is the largest since May 2023.
Oil prices stabilize as markets focus on US interest and inventories
Oil prices witnessed a state of stability, especially after achieving gains that continued for two days. One industry group stated a decline in US crude inventories
“Sudan” plans to abandon the government’s monopoly on electricity production
The Sudanese Minister of Energy and Oil, Mohieddin Naeem Mohamed Saeed, said that he is currently working to break the government’s monopoly on electricity production in Sudan.
An alliance of 8 international companies to develop natural gas projects
Eight international companies have formed an alliance aiming to develop natural gas and expand its production. In light of this, the companies participating in the alliance concluded a memorandum of understanding aimed at increasing awareness about synthetic gas supplies.
A British company supports mining in Morocco
The mining sector in Morocco receives great attention from international companies, and Morocco hopes to maximize the benefit of the rich country’s resources with the aim of producing rare metals.
Fuel is at the forefront of discussions at the “SeraWeek” conference in the United States
The annual SERA Week Conference, one of the largest energy conferences in the world, was launched last Monday in the American city of Houston. The conference attracts senior executives in the oil sector and oil ministers.
China's CNOOC announces the second huge oil discovery within 10 days
The Chinese company "CNOOC" announced the discovery of the second largest huge oil discovery, within a period of only 10 days, as it intensifies its investments to develop offshore oil and gas reserves in China.
US crude oil exports rise to a record level in 2023
US crude oil exports recorded new record levels during the past year 2023, rising by 482 thousand barrels per day on an annual basis, and this was supported by increased production.
Global demand for oil fell during the month of January, reaching 1.7 million barrels per day
Global demand for oil decreased during January 2024, led by Japan, Indonesia, and the United States of America, in addition to a decline in global production.
Oil production in Libya will rise to 1.5 million barrels per day by the end of 2025
Libya expects an increase in Libyan oil production to exceed the barrier of 1.5 million barrels, and this comes before achieving the main declared goal of producing about two million barrels per day within 3 years starting from this year.
“China” records the highest levels of crude oil refining with increasing domestic demand
China achieved a major achievement by recording the highest levels of crude oil refining at the beginning of this year, in preparation to meet the increasing demand for fuel during the Lunar New Year holiday.
Iraqi oil exports to the United States suddenly decreased
Data issued by the US Energy Information Administration (EIA) revealed a sudden decline in Iraqi oil exports to the United States during the past week.
Gunvor expects Russian refined oil to decline by 600,000 barrels per day
Torbjørn Tornqvist, CEO of Gunvor, said that the Ukrainian attacks on Russian oil refineries and oil terminals - which occurred last week
Morgan Stanley: raised oil price expectations for the third quarter by 12.5% per barrel
Morgan Stanley updated its forecast for Brent crude oil prices for the third quarter of 2024, as it expected the price of a barrel to be $80, but after the update, it expected the price of a barrel to reach $90.
Europe faces a rise in natural gas prices as temperatures drop
European natural gas prices rose for the fourth day in a row, while European natural gas futures prices rose by 7.7%.
Oil prices rose to their highest level this month
Oil prices recorded an increase this week, thus recording the highest increase this month; Brent crude reached $86 and West Texas Intermediate crude reached $81
Oil prices are seeing a rise in prices
Black oil prices witnessed a noticeable increase over the past week; It crossed the barrier of $85 per barrel in Thursday’s trading session, for the first time since last November.
“Tehran” signs huge deals to develop 6 oil fields
Iran signed huge deals to develop 6 oil fields yesterday, Sunday, March 17, 2024, with investments exceeding 13 billion dollars. These deals aim to increase oil production in Iran by about 350 thousand barrels per day.
Turkey depends on Russian coal to generate electricity
The International Energy Research Center "Ember" published a report on Turkey's dependence on coal for electricity generation. The report said that 36% of electricity in Turkey is generated from coal, up from 25% in 2013.
The European Union is about to impose sanctions on the import of Russian gas
The European Union Energy Commission, Cadre Simpson, said in its meeting in the United States that the Union is working to put pressure on importers of Russian gas in Europe. With the aim of reducing imports from Russia
“Colombia” launches new incentives to convert cars to run on natural gas
Converting cars to run on natural gas is witnessing great demand, especially among residents of Colombia in South America, and this came after the government’s decision to cancel gasoline subsidies in addition to providing tax exemptions for cars that run on gas.
“Total” finishes preparing the American “Port Arthur” refinery to return to work within days
The French company Total Energy completed preparing the American Port Arthur refinery to operate within days, and this came after it was disabled earlier this month.
“OPEC”: The International Energy Agency’s forecasts are “promising”
After expectations of oil demand in 2024 differed by OPEC and the International Energy Agency, OPEC stated that despite the low expectations of the Energy Agency, it sees them as promising.
The British company Harbor Energy has discovered a natural gas field in the North Sea, specifically off the coast of Norway. The volume of gas in that field is estimated to range between one million and three million cubic metres.
US oil inventories suddenly fell last week
The US Energy Information Administration released a report showing a surprise drop in crude oil inventories over the past week; It fell by 1.5 million barrels to reach 447 million barrels
Eni divests some of its oil assets in Congo
The Italian company Eni announced the completion of an important deal aimed at divesting some of its oil assets in the Republic of the Congo, as part of its efforts to change its focus towards more profitable projects that are less harmful to the environment.
“Chevron” plans to drill “Narges 2” in the Mediterranean Sea at the end of 2024
The American company "Chevron" is working to drill the first well to extract natural gas from the Narges 2 field in deep water in the Mediterranean Sea during the last quarter of 2024.
The UAE signs an agreement to export one million tons of LNG to a Chinese company
Abu Dhabi National Oil Company (ADNOC) signed on Wednesday, December 20, 2023, an agreement to export one million tons of liquefied natural gas per year to one of the Chinese companies
The UAE announces a new gas discovery in Indonesia
On Tuesday, December 19, 2023, the UAE-based Mubadala announced a new massive gas discovery in Indonesia
Global Coal Demand Decline Crisis
The International Energy Agency (IEA) predicted in its annual coal market report, published in late 2023, that global coal demand would decline by 2026
The agency is interested in studies of energy security, and its political and geopolitical effects, as well as the effects of energy security on stability in the system and international peace.