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Economy International News Oil

Oil Prices Soar 4% Amid Rising Tensions in Israel-Hamas Conflict

9, October, 20239, October, 2023

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

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Economy Energy Gas International News Oil

GE Revolutionizes Energy Generation: Harnessing Flare Gas for Power Generation

9, October, 20239, October, 2023

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

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Gold International

Israel Attack Likely to Boost Gold and Safe-Haven Assets

9, October, 20239, October, 2023

The violence in Israel will likely prompt a move into safe-haven assets as investors closely watch events in the Middle East to gauge geopolitical risk to markets. Gunmen from the Palestinian group Hamas entered Israel in an unprecedented attack on Saturday 7th October. Western countries, led by the United States, denounced the attack and pledged support for Israel. Rising geopolitical risk could see buying in assets like gold and the dollar, and potentially boost demand for US

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Economy Local News Oil

Brent Crude Price Sees a 0.64% Increase for December Delivery, Reaching $84.57

9, October, 20239, October, 2023

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

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Diamonds International

Petra Foresees 2-Month Import Pause to Stabilize Diamond Market

6, October, 20236, October, 2023

London-listed Petra Diamonds has released initial results for its Tender 2 sales, which have been brought forward owing to a two-month moratorium on diamond imports to India starting on October 15. The initial results of Tender 2, which account for 75% of the total tender volume, indicate sales of 344 554 ct for $30.2-million. The average price realised in the tender was $88/ct, which is between 16% and 18% lower than the average price achieved

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Gold International Mining

Fortuna achieves new Production record

6, October, 20236, October, 2023

Canada-based miner Fortuna Silver Mines has achieved a new gold production record, with its five mines in West Africa and Latin America producing a combined 128 671 gold-equivalent ounces (GEOs). This is a 38% increase compared with the second quarter and a 26% improvement on the same production a year earlier. The NYSE- and TSX-listed firm produced 94 821 oz of gold and 1.7-million ounces of silver during the three months under review. Gold production

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Diamonds Local News

Lucapa Diamond appoints new CEO and MD

6, October, 20236, October, 2023

ASX-listed Lucapa Diamond Company, which holds a 40% interest in the Lulo mine, in Angola, and a 70% interest in the Mothae mine, in Lesotho, has appointed Nick Selby as CEO and MD. Selby has served as interim CEO since August, following former CEO and MD Stephen Wetherall‘s resignation. Selby, an extraction metallurgist, joined Lucapa in October 2014 as COO and was appointed executive director of operations in September 2017. He began his career with De Beers, where

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Local Oil Petroleum

Sonangol combines deliveries with the Sale of Shipments

6, October, 20236, October, 2023

Sonangol plans to add the delivery option to the sale of the company’s oil cargoes, thanks to the viability of its shipping fleet between April and September, reinforced with two Suezmax class ships with capacity to transport one million barrels per unit. The decision was announced by the director of Sonangol’s commercialization unit in London, Sandra Júlio, cited yesterday by the “Ngol” program, broadcast by the oil company on RNA, in statements in which she

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International Oil Petroleum

Brazil produces 3.4 million barrels of Oil per Day

6, October, 20236, October, 2023

A total of 3.4 million barrels of oil per day was produced on average by Brazil in August, which represents an increase of 12.2 percent compared to the same month last year. According to data released by the National Petroleum Agency (ABP), in relation to July, production fell 1.4 percent. The maritime fields of the pre-salt oil horizon, which are located in deep waters of the Atlantic Ocean, have once again become the country’s main

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International Oil Petroleum

Oil Cartel Leader Warns Of Prolonged High Prices

6, October, 20236, October, 2023

The price of oil will continue to stay elevated as demand for energy increases, says the secretary general of Opec+. Opec+ is a group of 23 oil-exporting countries which decides how much crude oil to sell on the world market. “We see demand growing about 2.4 million barrels a day,” Haitham Al Ghais told the BBC. Saudi Arabia said it would be cutting its production of crude oil by a million barrels a day to

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