The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al-Ghais announced, on Wednesday, that the organization is expected to secure a larger share of India’s oil imports in the coming decades due to its proximity. This comes after OPEC’s recent diminished dominance, attributed to competition from discounted …
Read More »Saudi Arabia Raises Oil Prices for Asia
Saudi Arabia raised the official selling prices of its crude for Asian buyers following the extension of the OPEC+ production cut agreement until the end of the first half of the year. The price for the country’s flagship Arab Light grade was raised by $0.20 per barrel over the Oman/Dubai …
Read More »OPEC+ Agrees to Extend Output Cuts until mid-Year
Anonymous sources within OPEC revealed on Sunday that certain OPEC members and allies, spearheaded by Russia, have reached an agreement to prolong voluntary oil output reductions from the first quarter into the second quarter of 2024. These cuts, initially totaling approximately 2.2 million barrels per day (bpd), were endorsed by …
Read More »Middle East Green Hydrogen Gains Momentum
More than 350 industry professionals gathered in Dubai last week to give hydrogen a reality check. It became apparent during two days of discussions that, as a future fuel for the Middle East and North Africa (MENA), hydrogen will not be easy to establish. The flurry of project announcements over …
Read More »EU Mulls Extending Steel Safeguard Measures amid Flood of Imports
The European Commission, the executive body of the European Union, is due to examine a request to extend a 25% safeguard on a range of steel imports. Steel news reports that the EC received a request from 14 member states of the 27-member bloc on January 12. This request aimed …
Read More »Saudi Arabia Likely to Keep Oil Prices to Asia Unchanged
Saudi Arabia is expected to announce in a few days little changes to the price of its crude going to Asia in April, amid a rise in Middle Eastern oil benchmarks, a Reuters survey of refiners showed on Friday. Saudi Aramco, the world’s top crude oil exporter, is set to …
Read More »Ukraine Steel Giant Faces 31% Drop in Steel Production
Ukrainian metals and mining group Metinvest recently reported a 31% decrease year on year in its crude steel production for 2023, citing Russia’s ongoing invasion of the country. On February 16, the company announced its decision to halt steel manufacturing activities at its assets in Mariupol, Avdiivka, and Zaporizhzhia. This …
Read More »Russia’s next Nuclear Icebreaker will be Named “Leningrad”
A cold wind of Soviet nostalgia is blowing across a Russia that uses World War II to justify its war against Ukraine. No coincidence then that laying the keel for the next nuclear-powered icebreaker will happen simultaneously as St. Petersburg celebrates the 80th anniversary of the end of the Nazi-German …
Read More »After Sweden, Denmark Ends Investigation into Nord Stream Pipeline Explosions
Denmark has ended its investigation concerning the explosions on the Nord Stream 1 and 2 gas pipelines that occurred in September 2022, becoming the second country to do so. Germany, Sweden and Denmark each initiated respective national investigations into the incident after four gas leaks were found on the Nord …
Read More »Saudi Arabia Confirms Additional Gas Reserves at Aramco’s Jafurah Field
The Saudi Ministry of Energy has announced a substantial increase in gas reserves at the Jafurah field, operated by state-owned Aramco, marking a significant boost for the country’s energy sector. As per the Saudi Press Agency (SPA), the additional reserves comprise 15 trillion standard cubic feet of gas and two …
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