The government may slow down the removal of fuel subsidies to avoid a repeat of the dissatisfaction witnessed in June, when gasoline prices nearly doubled, said the Finance Minister on Monday in Marrakech, Morocco, where she arrived on Saturday to participate in the annual joint meetings of the International Monetary Fund (IMF) and the World Bank. No decision has been made yet in the ongoing discussions about the 2025 deadline for the gradual elimination of
The Minister of Mineral Resources, Petroleum, and Gas (MIREMPET) made an appeal yesterday for a concerted effort to combat the promotion campaign of the commercial value of synthetic diamonds over natural ones in the international market, conducted by institutions interested in influencing market prices. Edições Novembro Diamantino Azevedo spoke to the media on the sidelines of the meeting of the Ad-Hoc Committee for the Review and Reform of the Kimberley Process Certification System, which concludes
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
SE- and NYSE-listed Gold Fields has appointed Mike Fraser as CEO and executive director of the company, effective from January 1, 2024. Fraser is currently the CEO of Aim-listed Chaarat Gold Holdings. Prior to that, he was the President and COO of South32’s key metal businesses. He will be taking over from Martin Preece, who assumed the position of interim CEO on January 1 of this year, following the resignation of the former CEO, Chris
After a two-year hiatus, Russia resumed oil exports to Brazil last month, marking a significant moment in the trade relations between the two countries. The return of Russian oil to Brazil is seen as a positive sign for the trade relations between the two nations. According to data from the Brazilian Customs, imports of Russian oil totaled 84,400 tons, valued at 40 million dollars. This is the largest delivery since June 2010 when Russia supplied
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
Gold miner Gold Fields will spend up to A$15 million to earn a 75% interest in the Edinburgh Park gold project, in north Queensland, owned by ASX-listed Great Southern Mining. Under the earn-in agreement, Gold Fields will sole-fund up to A$15 million in exploration expenditure over a six-year period, to earn the majority stake in the project, which incorporates nine granted exploration licences and two exploration licence applications covering 1,750 km2. The licences surround the
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
