Saudi Arabia’s state-oil giant Aramco is pondering whether to close its oil refinery in Jeddah due to age and environmental issues. The refinery, which started
Category: Energy
Libya Struggling to Increase Oil Output
Libya, home to Africa’s largest oil reserves, is struggling to increase its output from the current daily production of 432,000 barrels. Mustafa Sanallah, chairman of
Oil Refiners Continue to Cut the Number of Rigs Despite the Rebound in Crude Prices
Oil services company, Baker Hughes Inc, said last week that energy firms pulled another seven rigs from U.S. oil fields, which is the highest number
Saudi Arabia Says Higher Oil Production Driven by Demand
Saudi Arabia announced yesterday (9 June) that its increasing production over the last three months has been the result of a rising global demand. The
Commodity Prices Affected by Strengthening Dollar
Commodity prices have recently been affected by strengthening dollar, with oil, gold and wheat leading the decline. The U.S. dollar rose at the end of
India’s Crude Imports from Iran Hit Their Highest in May
Last month, India imported the highest amount of crude oil from Iran since March 2014 as refiners increased their purchases before the final moves in
Venezuela Signs a Deal with Russia’s Rosneft Worth $14 billion
Venezuela’s President, Nicolas Maduro, announced that Russia’s oil giant Rosneft and his country’s state-run PDVSA have agreed on a deal bringing about $14 billion in
Russia vs. OPEC: Battle for Market Share and Oil Production
In the wake of an OPEC meeting next week, a Russian think tank has revealed that the Russian government was warned not to cut its
Saudis Refuse China’s Requests for More Oil
Saudi Arabia and other OPEC members have begun to turn down Chinese requests for oil as they keep crude in their storage facilities and refineries
M&A Activity in Commodity Sector Likely on Rise due to Low Prices
The recent $70-billion acquisition of BG Plc. by its competitor Royal Dutch Shell signals that mergers and acquisitions (M&A) might be on the rise in