Parvin Faghfouri Azar

U.S. Loans SPR Crude to ExxonMobil

The U.S. Department of Energy approved on Thursday a third exchange of two million barrels of crude oil for release to ExxonMobil from the Strategic Petroleum Reserve (SPR) as part of the Biden Administration’s efforts to boost fuel availability and lower gasoline prices. So far, the U.S. DOE, as authorized …

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2022 could be a Great Year for OPEC+ Producers

OPEC+ did some surprising things in the past 2 years. 1st, it broke up at the start of the pandemic with its 2 leaders – Saudi Arabia and Russia – turning on each other because of differences of opinion on how the crisis needed to be handled. Then the 2 …

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Putin: New Germany-Bound Pipeline may Help Reduce Prices

Russian President Vladimir Putin said Wednesday that a new pipeline to Germany has been fully filled with natural gas, noting that it could help quickly reduce soaring European energy prices. The $11 billion Nord Stream 2 pipeline is currently awaiting approval from Germany and the European Union, and officials warned …

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Saudi Exports Surge on Higher Oil Prices

Saudi exports surged in October on the back of higher oil prices, which hit a 2021 peak during that month. Saudi Arabia exported goods and commodities worth a total $28 billion in October, according to the Kingdom’s General Authority for Statistics, as cited by Bloomberg. Crude oil accounted for 77.6 …

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Oil Slightly up over Larger-than-Expected Inventory Fall

Oil prices slightly increased on Thursday as US crude stocks fell more-than-expected, declining five weeks in a row, however the omicron variant continues to cause negative market sentiments in the coming year. International benchmark Brent crude was trading at $79.24 per barrel at 0635GMT for a 0.03% increase after closing …

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Turkey’s Oil Imports up 22.3% in October

Turkey’s total oil imports increased by 22.3% on an annual basis to 4.20 million tons in October, according to data released by the country’s energy watchdog on Thursday. Crude oil imports, the category with the highest oil import volume, rose by 24.2% in October to 2.89 million tons, the Energy …

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