Total sales stood at just over $106 billion, down from $150 billion in the second quarter of 2022. In an earnings report filed with the Saudi stock exchange, Aramco said the decrease “mainly reflected the impact of lower crude oil prices and weakening refining and chemicals margins.” The company reported net income of $30 billion, compared to $48 billion in the second quarter of 2022, a decline of 37.8 percent. Aramco nevertheless raised its dividend
Crude oil closed higher on Tuesday August 8th after spending much of the trading session in the red. Prices were supported by an upward revision in the United States Department of Energy’s (DoE) projection for Brent crude oil prices. Production cuts by Saudi Arabia and Russia also seem to be having the intended effect of boosting prices by limiting supply, according to analysts. On the New York Mercantile Exchange (Nymex), September WTI crude oil closed
Australian-based uranium exploration company Elevate Uranium has confirmed the presence of large continuous mineralized zones at its Koppies uranium project in Namibia, and as a result, is advancing drilling activities with the addition of another rig. The company currently has two reverse circulation drill rigs conducting exploratory works at the Koppies project, and has recently added a third rig to the program following confirmation of mineral resources at the Koppies 3 area of the project.
The Ghanaian government has approved the country’s Green Minerals Policy in an effort to maximize value created from critical mineral resources. Aimed at stimulating the development of the local mineral value chain, the policy comprises regulatory guidelines and fiscal terms for critical mineral activities across the country. Specific clauses in the policy document include a national ban on the export of unprocessed minerals. Ghana’s Minister of Lands and Natural Resources Samuel Jinapor explained that the country “is
Oil prices rose for a second day on Friday, set for their sixth week of gains, after Saudi Arabia and Russia, the world’s second and third-largest crude producers, pledged to cut output through next month. Brent crude futures for October rose 2 cents to $85.16 a barrel by 0609 GMT, while U.S. West Texas Intermediate crude for September rose 9 cents, or 0.1%, to $81.64. Both benchmarks were on track for a sixth week of
Three major international oil companies have announced the resumption of their operations in Libya after a 10-year absence, the Libyan National Oil Company said on Thursday. The NOC said in a press release it “received official notifications from the Italian company Eni and the British company British Petroleum regarding the lifting of force majeure and the resumption of exploration and contractual obligations in the blocks awarded to them in the Ghadames Basin (A-B) and offshore
Over the past year, the global energy market has seen significant fluctuations, with factors such as the Russia-Ukraine war and increased gas prices impacting the industry. As a result, Big Oil CEOs have seen a boost in their earnings. Here is a breakdown of how much money some of the major oil company CEOs made in a year: Overall, the compensation figures indicate that Big Oil CEOs have received substantial pay increases, despite some of
Oil prices jumped on Thursday after Saudi Arabia said it would extend its unilateral voluntary cut of 1 million barrels per day (bpd) into September, adding that the cut could be extended or extended and deepened. Minutes after the Saudi announcement via the official Saudi Press Agency, oil prices which were flat until then, rose by 1%. The Saudi extension was largely expected by the market and traders. The announcement comes a day ahead of
The gold price has been relatively inactive compared to other markets this week, with the US Dollar and Treasury yields gaining momentum amidst risk aversion in the financial markets. Volatility has increased slightly, leading to speculation about potential movements in the XAU/USD (Gold vs. US Dollar) pair. The upcoming release of non-farm payrolls data is anticipated to have an impact on market developments. Earlier in the week, Fitch’s downgrade of US sovereign debt credit rating
Oil prices remained relatively unchanged on Thursday following a two-day decline, including a sharp drop on Wednesday, as a U.S. government credit downgrade weighed on market sentiment. However, concerns about supply tightness provided some support to the market. Ratings agency Fitch downgraded the main U.S. credit rating, reflecting anticipated fiscal deterioration and a high and growing government debt burden for the world’s biggest oil consumer. Despite the overall bearish sentiment, prices received support from concerns
