Saudi Arabia’s economy is facing a challenging outlook as recent preliminary GDP figures reveal the country has entered a “technical recession,” as reported by Capital Economics, a London-based research firm. The primary cause of this economic downturn is the reduction in oil production, despite the non-oil economy showing resilience. Saudi Arabia’s decision to voluntarily decrease its daily oil output by 1 million barrels a day has played a significant role in the current economic situation.
Oil prices surged by almost 1% on Wednesday, trading near their highest since April, as crude and fuel product inventory data showed robust demand from the world’s biggest fuel consumer, the U.S., offsetting demand concerns elsewhere. Brent crude futures for October rose 80 cents, or 0.94%, to $85.71 a barrel at 0625 GMT. Likewise, U.S. West Texas Intermediate crude for September climbed 80 cents, or 0.98%, to $82.17 a barrel. U.S. oil inventories fell by
Benchmark US crude oil for September delivery fell 43 cents to $81.37 a barrel on Tuesday. Brent crude for October delivery fell 52 cents to $84.91 a barrel. In related news, the closing prices for crude oil, gold, and other commodities on Monday were as follows: Meanwhile, the dollar saw a rise, reaching 143.42 Japanese yen from 142.29 yen, while the euro fell to $1.0975 from $1.0999.
Gold investment has shown resilience, according to the World Gold Council’s (WGC) ‘Gold Demand Trends’ report for the second quarter, released on August 1, 2023. Despite some softness in certain areas of the market, the report indicates that investment demand remains robust while fabrication demand faces challenges due to high prices and affordability concerns among consumers. The WGC’s projections for investment in the current financial year remain unchanged, thanks to strong over-the-counter (OTC) demand compensating
the importance of infrastructure investment in southern Africa to support the region’s mineral exports and production. It emphasizes the need for substantial infrastructure expenditures, particularly in transportation and processing facilities, to fully exploit the potential of lucrative minerals and avoid the resource curse. The South African government is taking proactive steps to improve the country’s railway system to overcome infrastructure constraints in the mining industry. Initiatives include implementing the National Rail Policy and appointing a
Africa has considerable lithium resources, boasting 5% of the world’s total reserves. Lithium is an essential element for the energy transition and is used in a variety of applications, including batteries for electric vehicles and energy storage systems. As the auto industry shifts towards electric vehicles, lithium-rich African countries such as Zimbabwe and Namibia are poised to benefit from increased global demand. Note: The information provided in this article is based on the data available
Iraq will soon begin inviting investors for the construction of a 100,000 barrels per day (bpd) oil refinery in its Eastern Wasit Governorate, its governor was quoted on Monday as saying. Mohammed Al-Mayahi said he was told by Iraq’s Oil Minister Hayan Abdul Ghani that the Ministry would soon offer the project in Kut city to investors. “The Minister has promised that this project will be shortly offered to investors… there is no doubt the
The total crude oil and condensate production in the Middle East in 2022 increased by 7.10% compared to 2021. In 2022, Saudi Arabia had the highest crude oil production, followed by Iraq and the UAE, according to GlobalData. Here is a list of the top crude oil-producing fields in the Middle East: Located approximately 100km west of Dhahran and 200km east of Riyadh in Saudi Arabia’s Al Hasa Province, Ghawar is the world’s biggest conventional
Crude oil prices have surged higher as we enter August, following an impressive performance in July. The impact of OPEC+ production cuts seems to be taking effect, as economic growth shows signs of picking up. The recent performance in the WTI futures market also suggests a positive outlook for oil prices. Last month, the WTI futures contract recorded a remarkable 15.80% increase, while the Brent contract gained 14.15%. Several factors have contributed to this surge
Kenya is boosting its advantage over Tanzania in its bid to provide petroleum products in the East African region, with the nation’s cabinet this week approving the Kenya Pipeline Company’s (KPC) acquisition of assets from the bankrupt Kenya Petroleum Refineries Ltd (KPRL). KPC is taking over KPRL’s 45 storage tanks, which have a capacity of 484 million liters, 254 million of which are designated for refined goods and the remaining 233 million liters for crude
