Happily for Saudi Arabia, it does not take a genius to work out that persuading its OPEC+ brothers to cut their oil production to ramp up prices and then quietly selling additional oil over and above its official quota is a major money spinner.
After climbing by 13% in July, oil prices were dragged lower on the first day of August by further disappointing economic data out of China.
OPEC is producing less oil thanks to the Saudi voluntary cuts and a suspension of crude oil loadings at Nigeria’s Forcados terminal due to a leak risk.
Russia’s diesel and gasoil exports by sea increased by 5% in July compared to June as more refining capacity in Russia returned from seasonal maintenance, Reuters reported on Tuesday, citing data from trade sources and vessel tracking.
Saudi Arabia may raise the price of its crude for the third month in a row for September cargos, according to sources from the refining industry surveyed by Reuters.
Eni Ghana on behalf of its OCTP partners, Vitol Upstream Ghana Ltd (Vitol) and Ghana National Petroleum Corporation (GNPC), together with Volontariato Internazionale per lo Sviluppo (VIS), have handed over scholarship packages to over 1,000 students in 14 communities in the Ellembelle District.
he UK government has announced plans to allow a big expansion of drilling for oil and gas in the North Sea in a move that environmental activists have described as a taking a “wrecking ball” to the country’s climate commitments.
State-owned Kuwait Petroleum Corporation (KPC) has reported a decade-high net profit of 2.6 billion Kuwaiti dinars ($8.48 billion) for the financial year ended 31 March, chief executive Nawaf Saud Al-Sabah said on Sunday.
Ever since the U.S. officially ended its ‘combat mission’ in Iraq on 31 December 2021, it has been looking for a way back into the huge but still relatively untapped oil and gas regions of the country, as analysed in depth in my new book on the new global oil market order.
The prospects of China’s oil demand and expected further economic stimulus in the world’s top crude importer have played the biggest role in the oil price rally in July, according to Goldman Sachs.