BEIJING – The earthquake that hit Turkiye and Syria on Feb 6 was one of the deadliest in the two nations’ history. Apart from claiming more than 37,000 lives and leaving many others injured, which should be deeply mournful, the earthquake is also likely to affect the world economy by causing changes in logistics and transportation, even if it doesn’t affect global output
Egypt is seeking investment in all aspects of energy production, whether it be in traditional fossil fuels or renewables, the Minister of Petroleum and Mineral Resources Tarek El Molla has said.
ADNOC and RWE Aktiengesellschaft (RWE) have announced the successful delivery of the first shipment of LNG from Abu Dhabi, UAE, to the Elbehafen floating LNG terminal in Brunsbüttel, Germany.
On Tuesday, Goldman Sachs analysts raised Occidental Petroleum (NYSE:OXY) to Buy from Neutral with an $81 per share price target.
Crude oil prices rose in Asian pre-noon trade today after OPEC and the International Energy Agency raised their demand forecasts for the year, shaking off EIA’s latest weekly inventory report that estimated a large inventory build in the United States.
Crude oil prices fell today after the U.S. Energy Information Administration reported an inventory build of 16.3 million barrels for the week to February 10.
The world’s largest crude importer and main customer of Iranian oil, China, is seeking increasingly closer ties with Iran while the United States steps up pressure on the Islamic Republic’s oil exports.
For years, Egypt has been performing a tough balancing act between the West and Russia, with Cairo casting itself as an actor that both parties can lean on. Egypt was the Soviet Union’s principal ally in the Middle East during the Cold War and remains an important partner today.
Global oil demand is set to increase by 2 million barrels per day (bpd) this year, pushed up by growth in Chinese consumption after the reopening, the International Energy Agency (IEA) said on Wednesday as it raised its 2023 demand growth estimate by 100,000 bpd from last month’s forecast.
Oil prices extends losses on Wednesday (15 February) as a much bigger-than-expected surge in the U.S. crude inventories and anticipation of further interest rate hikes sparked concerns over the prospect of weaker fuel demand and economic recession.