OPEC has raised its annual outlook for global oil demand in the medium and long term, projecting that $14 trillion in investments will be needed to meet this demand, even with the growth of renewable fuels and the increasing number of electric cars. The perspective of the Organization of the Petroleum Exporting Countries (OPEC), as outlined in its “World Oil Outlook for 2023” released yesterday, contrasts with that of other analysts, including the International Energy
The United Arab Emirates reaffirmed its commitment to “voluntary collective and individual adjustments” in oil production, as reported by the Saudi state news agency on Saturday 7th of October, 2023. It emphasized that the Oil Ministers of the six countries gathered on the sidelines of the MENA UN Climate Week event in Riyadh. Furthermore, the ministers reiterated the willingness of the Declaration of Cooperation (DoC) countries to take “additional measures at any time in their
The Antonini Group, an Italian engineering and construction company, has secured a $217 million contract for the construction of the Sabratha platform compression project in Libya. The project, commissioned by the Mellitah Oil and Gas Company a joint venture between Libya’s state-owned National Oil Corporation and the Italian firm Eniv will involve the creation of a compression unit to be installed on a gas platform situated 42 m above sea level and 120 m from
Oil prices surge 4% amidst escalating Israel-Hamas conflict The Israel-Hamas conflict drives oil prices up 4%, reaching $88.41 per barrel. Saudi Arabia calls for de-escalation amidst rising tensions. During the early hours of Saturday 7th October 2023, coinciding with a significant Jewish holiday, the Palestinian militant group Hamas initiated a multifaceted incursion into Israel, utilizing land, sea, and air, including paragliders. This attack occurred shortly after thousands of rockets had been launched from Gaza into
Joseph Anis, President and CEO of GE Vernova’s Gas Power business for Europe, the Middle East, and Africa, sheds light on the emerging economic and environmental prospects associated with flare gas and related technologies in the MENA region. Globally, substantial volumes of natural gas are annually flared or released into the atmosphere at oil production sites, contributing to significant carbon dioxide (CO2) and methane emissions equivalent to the output of 83 million cars, as estimated
The Brent oil price for December delivery rose 0.64% to $84.57, according to the last update at 12:39 on October 8, 2023, in the London futures market. The North Sea crude, a benchmark in Europe and Angola, ended the session on the International Exchange Futures trading at 54 cents above the $84.03 it closed at last Thursday. Brent rebounded on Friday after positive economic data from the United States was released, which improved expectations for
Oil prices have surged to their highest levels in 2023 due to investor concerns about a potential supply shortage in the fourth quarter. Amid the keen attention of oil investors and traders regarding a potential oil price surge approaching $100 per barrel, certain types of crude oil have already surpassed this significant milestone, underscoring expectations of a constrained supply. The outright price of Nigerian crude, specifically Qua Iboe, exceeded the $100 per barrel mark on
Benchmark US crude oil for October delivery fell 28 cents to $91.20 a barrel Tuesday. Brent crude for November delivery fell 9 cents to $94.34 a barrel. Wholesale gasoline for October delivery fell 4 cents to $2.66 a gallon. October heating oil rose 8 cents to $3.37 a gallon. October natural gas rose 12 cents to $2.85 per 1,000 cubic feet. Gold for December delivery rose 30 cents to $1,953.70 an ounce. Silver for December
Kuwait, an OPEC producer, has given the green light to the construction of its inaugural major oil industrial hub, and numerous companies are vying for the project. The Kuwait National Petroleum Company (KNPC), a state-owned entity responsible for managing the country’s downstream sector, is overseeing this endeavor in the Southern Al-Ahmadi Governorate, according to reports. Initially, KNPC had set September 19 as the deadline for bids. However, it was decided last week to extend the
Gemstone producer Gemfields earned revenues of $25.5 million from its latest auction of commercial-quality rough emeralds recovered from the Kagem mine, in Zambia. All 43 lots put on offer were sold, resulting in an average price of $7.51/ct. “We are very pleased indeed to see yet another set of auction results that demonstrate that the emerald market remains in excellent shape and wish our auction partners much success during this important tradeshow season,” comments Gemfields
