After uncertainty earlier in the year, as Egypt came to rely heavily on Israel for its gas imports, the North African state finally seems to be getting its oil and gas industry back on track. A planned expansion of its Zohr gas field and new exploration projects are expected to …
Read More »Oil, Gas Drilling Slows to 19-Month Low in U.S.
The total number of active drilling rigs in the United States fell by 11 this week, after seeing a brief 9-rig rise last week, according to new data from Baker Hughes published Friday. It is the fewest number of active drilling rigs since February 4, 2022. The total rig count …
Read More »Libya’s Oil and Gas Rebound at Risk after Historic Storm
Oil-rich Libya has been fighting to get its oil industry back on track over the last decade, since the Arab Spring and subsequent political instability. Following the failed presidential elections of 2021, it finally appeared that Libya’s oil and gas industry was getting back on track. More foreign investment was …
Read More »Oil Industry Leaders Stress Role of Fossil Fuels in Energy Transition
Top executives of Exxon Mobil Corp. and Saudi Aramco voiced their backing for the global transition to cleaner energy forms, while emphasizing the lasting significance of oil in the energy sector for the foreseeable future. The statements were made on Monday at the World Petroleum Congress held in Calgary. Exxon …
Read More »France may Take Action to Curb Oil Refiner’s Profits
France has “questions” about refining margins, and decisions could be made to curb excessive profits, French Finance Minister Bruno Le Maire told journalists on Thursday. Inflation has been a concern across Europe, and the French government has taken strides to lower the cost of basic goods and services such as …
Read More »Russia Mulls Ban on Oil Product Exports to Stabilise Prices
Russia is again reviving the possibility that it could ban all crude oil product exports in order to stabilize volatile fuel prices in the country, Russia’s TASS new agency said . Alternatively, Russia could increase its oil product exports duty to $250 per tonne. This duty will be refunded for …
Read More »China and U.S. Dominate Global Seaport Trade
According to the World Bank, global seaport trade traffic reached 841 million TEUs (20-foot container equivalent units) in 2021. In this infographic, Visual Capitalist’s Freny Fernandes and Winifred Amase use that data to highlight the countries with the highest seaport trade traffic. China Leads All Seaport Trade Traffic With a …
Read More »Russia’s Trade Nears Prewar Levels as it Defies G7 Sanctions
Trade at Russia’s three largest ports has been surging and is approaching prewar levels despite sweeping sanctions by the Group of Seven (G7) leading economies, according to a new report. “Activity in Russia’s ports is surprisingly high. For the first time since the outbreak of the Ukraine war, the volume …
Read More »Saudi Aramco to Deliver Full Oil Volumes to Asia in October
Saudi Arabia’s oil giant Aramco has told at least five refiners in North Asia that it would supply the full crude oil volumes by contract next month, Reuters reported on Monday, quoting sources familiar with the plans. Aramco, the world’s top crude oil exporter, will ship the full volumes North …
Read More »U.S. Oil Drilling Rig Count Increases for First Time since June 2023
The number of oil rigs operating in the U.S. increased this week for the first time since June as crude prices soared, but drilling remains well below where it was at the beginning of the year. Some 513 drill rigs are operating in the U.S., up one from the previous …
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