Tag: oil
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Egypt announces new oil discovery in Gulf of Suez
Egypt announces new oil discovery in Gulf of Suez
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OPEC member countries cut oil production by 912,000 barrels per day in July
In July 2023, the actual production volume of these countries was 22.6 million barrels per day, which is 2.816 million barrels per day less than the level set by the OPEC+ agreement. The OPEC+ deal parameters do not meet voluntary oil production cuts to be undertaken by some OPEC and non-OPEC countries from May 2023…
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Gulf oil giants turn to start-ups in carbon-capture bid
Gulf oil giants turn to start-ups in carbon-capture bid
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The Willow Project: The Reality of the Economy Vs the Environment
The New York Times reported that ConocoPhillips has held a lease on the potential drilling site for more than two decades and that administration lawyers argued that denying a permit would trigger a lawsuit that could cost the government up to $5 billion. . So, from a legal perspective, the Biden administration could not afford…
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Oil powers announce surprise cut of more than 1 million bpd
Saudi Arabia 500,000 barrels per day, Iraq 211,000, the United Arab Emirates 144,000, Kuwait 128,000, Algeria 48,000 and Oman 40,000, each country announced. The cuts ignore calls from the United States to raise production as consumption rises and China, the world’s biggest oil consumer, reopens after its Covid shutdown. “As world economies recover, we will…
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Saudi Aramco claims ‘commitment to China’ with petrochemical deals
Aramco said in a statement that the deal stipulates the supply of 480,000 barrels per day of Arab crude oil “under a long-term sales agreement” with Rongsheng. “This announcement reflects Aramco’s long-term commitment to China and confidence in the fundamentals of the Chinese petrochemicals sector,” said Mohammed Al Qahtani, Vice President of Aramco. “This is…
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Major oil spill in southern English port
Poole Harbor Commissioners (PHC) said the leak occurred on a pipeline operated by French-British company Perenco. In a press release, Perenco UK described the leak as “limited”, and said it was “working closely with the relevant authorities and a clean-up operation is underway”. “A full investigation will be launched to determine exactly what happened at…
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Russia will extend oil production cuts until the end of June
Russia announced on Tuesday it was cutting oil production by 500,000 barrels per day until the end of June, a response to Western sanctions that were due to expire at the end of March. “According to the current market situation, the decision to voluntarily reduce production by 500,000 barrels per day will remain in force…
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Oil spill in Kuwait desert triggers ‘state of emergency’: company
Oil spill in Kuwait desert triggers ‘state of emergency’: company
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Friendship pipeline is milestone achievement in BD-India cooperation: PM Hasina
She said that they are currently building 100 economic zones across the country and offered land in economic zones to India, “I want Indian investors to invest in economic zones.” The Prime Minister thanked the Government of India and its people for extending unconditional support to Bangladesh during the Liberation War in 1971, as well…
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India buying Russian oil is of no use to us: German Ambassador
Putin said, “What we heard yesterday, Putin said… He did not mention the word talks or peace even once. India has very skillful diplomacy, very good diplomacy, if they want to move forward they have to find a good moment to step in. What I can say is the moment is not yet,” said the…
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TCB to buy 16 million liters of soybean oil for OMS before Ramzan
It will buy 5 million liters of soybean oil from UN Trading, Dhaka at a cost of Tk 864 million through Direct Purchase Method (DPM) at Rs 172.08 per litre. The cabinet body approved a proposal of the Bangladesh Power Development Board (BPDB) to award the contract for the gas turbine section of the Chittagong…
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Putin lauds gas giant Gazprom, says Asian demand will pick up
Putin said the whole of Russia is proud of Gazprom, which was established 30 years ago as a stock company from the assets of the Soviet gas ministry when the Soviet Union broke up. Putin told CEO Alexei Miller by video link, “Despite unfair – to put it bluntly – competition, directly hindering from outside…
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Ruble hits one month low against dollar, Russia increases foreign exchange sales
It rose 0.4 percent to trade at 76.01 against the euro and 0.1 percent to 10.41 against the yuan. The ruble will be supported by increased selling of the Chinese yuan, but will remain in a slight downside bias, broker Allor said in a note. Russia plans to sell foreign currency worth 8.9 billion rubles…
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Lost Russian oil revenue is bonanza for shippers, refiners
‘Crazy Good’ Shipping Bonanza Experts including Vakulenko and traders in Russian oil say lower revenues coincide with higher profits for some middlemen. After decades of little profit or loss, sections of the global shipping industry are enjoying a financial boom from the influx of Russian oil. Those companies include Russian state shipper Sovcomflot, led by…